Gold prices remained under pressure

23 February, 2017

Gold prices remained under pressure ahead of Fed minutes awaiting for fresh guidelines regarding the next rate hike timing.

Current situation

The precious metal traded mostly sideways on Wednesday. Tuesday’s recovery helped gold to reverse all its early losses. Buyers returned the spot to the 1240 hurdle where the pair XAU/USD stood still the first part of the day. According to 4 hours chart the price rebounded from 100-EMA and crossed 50-EMA upwards. The metal was above the moving averages which were all pointing higher in the same chart. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

MACD indicator was at the centerline. If the histogram entered the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI was neutral.

Trading recommendations

Gold remained well offered. A firm break below 1230 handle would open 1220 dollars per ounce.


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