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 are mainly quiet

Asian markets were mainly quiet on Thursday, following a calm session on Wall Street as market participants digested FOMC minutes and looked...

Euro extended its bullish momentum

The line rejected the pair which eased towards 1.1650 afterwards. If the price breaks below 1.1650 sellers may push the euro to 1.1600...

Gold trades mixed in a narrow range

However, the level 1280 is on its way and won’t let the spot further. A rebound from 1270 pointed to strong buyers who will not give up their attempt...


Euro met an obstacle around 1.1700

The spot recovered to 1.1750 where the euro spent the first part of the night. An increased selling pressure weighed on the major in the mid-Asian session...

Gold keeps losing ground

The previous upward momentum lost strength at 1330 dollars per once. After facing selling resistance at the level the pair turned around and softened...

Gold started week with a gap downwards

The precious metal is around the lower boundary of the upward channel now. If sellers remain in the driver’s seat the spot may continue...


XAU/USD pair keeps its buy mode intact

The spot broke above previous day’s top and climbed to 1355 over the night trades. Gold is likely to continue its growth. Buyers aim at 1360 now...

Rebound from 1280 lifted gold prices

The spot jumped to 1290 and broke the level soon after testing it. As the most probable scenario, we consider further moving upwards towards...

Gold price sharply dropped

Buyers continued to struggle with 1290. However, all their attempts faced sellers' resistance around the hurdle. The level rejected the price...

  


Share: