Gold weakened after Fed officials hawkish comments

2 March, 2017

Gold weakened after Fed officials’ hawkish comments which increased traders’ expectations for Fed rate hike this month.

Current situation

Bulls gave up control on Tuesday. Bears took the ball and pushed the precious metal lower. The XAU/USD broke 1250 dollars per ounce during the early hours on Wednesday. The price continued moving downwards afterwards and had reached 1240 by the morning. The level stopped sellers who remained around the handle trying hard to extend their gains. According to 4 hours chart the price tested the 50-EMA downwards. The moving averages kept heading higher. The resistance exists at 1250, the support stands at 1240 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

The price eyes support at 1240 loss of which would trigger further weakness towards 1230 dollars per ounce


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