Gold prices weakened

29 March, 2017

Gold prices weakened amid the US dollar and global stocks recovery on Tuesday.

Current situation

The undertone for Gold was clearly positive. However, buyers failed to retake 1260 on Monday. The level rejected the price downwards. The spot edged lower and stopped at 1255 dollars per ounce where the yellow metal spent the night. Sellers tried to extend their gains in the morning and led the price to 1250 dollars per ounce on Tuesday. However, the level seems to have been protected by buyers who placed their bids over there. The metal bounced off the handle and returned to the opening price. The 4 hours chart showed that the gold prices continued developing well above the moving averages. The moving averages kept heading higher. The resistance is highlighted 1260, the support comes in at 1250 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. The RSI oscillator consolidated near overbought levels.

Trading recommendations

As the most probable scenario, we consider further moving downwards towards the level at 1250 dollars per ounce. The upward trend line lies around 1250. The line may reject gold prices back to 1260 dollars per ounce.


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