XAU/USD pair maintained a bullish tone

21 February, 2017

Gold weakened on Monday amid a light market as American stocks were closed due to the President's day celebration. Market players wait for further hints regarding Fed’s rate hike timing.

Current situation

The XAU/USD pair maintained a bullish tone on Monday. Gold consolidated above 1230 dollars per ounce after the Friday's sell-off. Sellers failed to retake the level which rescued buyers from further losses. The price pulled back in the Asian session and reached the 1235 mark in the morning. The spot hovered above the level before NY opening. The price bounced off the 50-EMA upwards in the 4 hours chart. The XAU/USD pair was above its moving averages during the day. The 200 and 100 EMAs maintained their bullish slope while 50-EMA was in flat in the mentioned chart. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

 MACD remained at the same level which confirms the strength of buyers. RSI was neutral.

Trading recommendations

A move below 1230 level would indicate that immediate upward pressure eased. The next portable bearish target is 1220 dollars per ounce.

Source link  
Asian markets higher, oil rally goes on

Oil prices extended gains in early trading hours as expectations for further reductions in global supply levels continued to build following Donald...

What's behind the oil rally?

The oil market has been going crazy in the last few days. On Monday, the US West Texas Intermediate crude for June delivery rose nearly 1.5 percent...

If Buffett is not investing on bitcoin...

Last week we have spoken about Warren Buffett's dislike for Bitcoin and the whole cryptocurrency world. Fine... it is not that he doesn't like it...

Equity indexes mixed in Asia

Markets in Asian traded mixed on Thursday as investors digested a widely anticipated interest rate decision by the US Federal Reserve while looking...

Asian stocks extend gains

Asian equity markets were mostly higher on Monday, with investors focusing on geopolitical tensions over the Middle East while keeping an eye...

Equity indexes in Asia rise

Asian equity indexes moved into green territory on Tuesday despite a weak lead from Wall Street on the back of higher Treasury yields and as traders await...

Trading activity is on the lowest

The light news flow and a break in US-Chinese trade rhetoric give the equity markets a positive momentum amid so far positive reporting season in the US...

Earnings in focus: a necessary revision

UK Average Earnings excluding Bonus (3Mo/Yr) (Feb) is expected to come in at 2.8% from 2.6% previously. Claimant Count Change (Mar) is expected...

Geopolitics weigh on sentiment

Markets in Asia were mixed on Monday amid rising geopolitical tensions following a western air strike over Syria and as investors await for fresh...

In the past 24 hours Bitcoin has lost -0.44% and reached $6452.75522737. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0.6352% and is now at $1.1587. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 2.61% and is now at $203.173094861. Have the most popular cryptocurrencies compared online 24/7.

Top Brokers offering Daily Forex Market Reviews

Forex Currencies Forecasts

Top 10 Forex Brokers 2018

# Broker Review
6FIBO GroupFIBO Group84%