Gold prices were neutral on Tuesday

15 March, 2017

Gold prices were neutral on Tuesday flirting with the 1200 handle in the early trades. The yellow metal was moving back and forth in a tight range between 1205 and 1200 the first part of the day. A fresh buying interest emerged in the late European session. The spot pushed away from 1200 and rallied towards 1205. The price was below the moving averages in the 4 hours timeframe. The 50 and 100 EMAs pointed lower while the 200-EMA was neutral in the mentioned chart.  The resistance is highlighted 1210, the support comes in at 1200 dollars per ounce.

MACD grew which indicates the sellers’ positions weakening. The RSI indicator was holding near oversold levels.

Trading recommendations

After breaking 1205 the level 1210 will come back to the radar.


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