Gold remained well offered

28 April, 2017

Gold remained well offered

The XAUUSD pair came under intense selling pressure on Thursday. The spot pushed away from 1270 after unsuccessful attempted to regain the level. The precious metal was weakening the whole night. Gold remained well offered during the European hours. The spot even accelerated its losses in the mid European session approaching 1260. However, the downward momentum lost its strength at 1264 where the price stayed till the NY opening. MACD and RSI gave us a sell signal. The EMAs started turning downwards. The resistance is highlighted 1270, the support comes in at 1260 dollars per ounce.

Trading recommendations:  If the bullish tone persists we expect a breakout of the level 1260 dollars per ounce.


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