Yellow metal returned to a growth

19 May, 2017

Yellow metal returned to a growth

Buyers failed to reclaim 1260 and stepped back in the night. The price slightly eased and corrected to 1253. Buyers returned in the morning and pushed the price higher. The yellow metal returned to a growth and erased all its fresh losses by noon. The resistance is highlighted 1260, the support comes in at 1250 dollars per ounce. If XAUUSD stays around the local highs the spot may continue its rally towards 1260 and 1270 dollars per ounce. However, taking into consideration the overbought conditions we do not rule out a pull back towards 1250-1245.


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