Gold received a minor support

16 March, 2017

The yellow metal received a minor support from a weaker US dollar on Wednesday.

Current situation

The night recovery stalled around 1205 dollars per ounce. After reaching the mentioned mark gold futures turned around and slightly eased in the morning. The metal weakened more during the European hours and touched 1200 ahead of the NY opening. According to 4 hours chart the price continued developing well below the moving averages. The 50 and 100 EMAs maintained their bearish slope while the 200-EMA was neutral in the same chart. The resistance is highlighted 1210, the support comes in at 1200 dollars per ounce.

MACD grew which indicates the sellers’ positions weakening. RSI was neutral.

Trading recommendations

If bulls retain control the price may recover above the 1210 area. The 1200 level loss is needed daily bears for extension towards next strong support at 1190 dollars per ounce.


Source  
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