Gold maintained its bid tone

8 May, 2017

Gold maintained its bid tone

Buyers defended the 1230 level on Friday. Fresh bids around the level coupled with broad base US dollar retracement helped gold to recover. The XAU/USD left the 1230 neighborhood in the mid-Asian session. The yellow metal maintained its bid tone during the European session. The positive sentiment in the market helped the XAU/USD pair to reach 1235 by noon. The technical indicators were mixed. The 50, 100 and 200 EMAs gave us a sell signal while MACD and RSI were ready to leave the oversold area pointing to a correction. The resistance is highlighted 1240, the support comes in at 1230ВВВВ dollars per ounce. The loss of the level 1230 is needed daily bears for extension towards the next strong support at 1220 dollars per ounce.


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