Gold: Offered again around key resistance, bulls losing steam

February 26, 2016

Gold prices ran into offers at/above $1240 for the fourth time in the last nine days as the safe haven demand dropped due to positive action in the equities in Asia and Europe. 

Metal turns negative

Prices now trade 0.44% or $5.5 lower on the day around $1233.50/Oz levels. The area at/above $1240 has been swarmed by offers throughout last one week or so. Repeated failures to sustain above $1240 could be an indication the metal may be running out of steam. 

As of now, a 1% rise in the Stoxx 50 index is keeping the metal under pressure. Later today, the US Q4 preliminary GDP and personal spending report could influence the metal. 

Gold Technical Levels

The immediate resistance is seen at 1240, above which prices could rise to 1253.32 (Feb 24 high). On the other hand, a break below 1220.60 (Feb 24 low) would open doors for a slide to 1212 (23.6% of Dec low – Feb high).

Publication source
HYCM information  HYCM reviews

January 20, 2017
The dollar has settled moderately lower
Asian stock markets were mixed overnight, after U.S. and European shares closed in the red Thursday. Japan and mainland China bourses managed to move higher (Chinese GDP beat expectations at 6.8%)...
January 20, 2017
A huge disappointment in the UK data
UK retail sales fell most since 2012. We see he fastest pace of decline in almost five years in December. It is due to sales of... pretty much everything from household goods to clothing and food...
January 20, 2017
Trump takes office today. Markets await inauguration speech
Investors await Trump's inauguration and speech due later today as he takes office as the 45th President of the United States. The U.S. dollar was seen giving up some of the gains yesterday with some volatility coming off the EURUSD on the back of the ECB meeting...

FXCM Rating
Vantage FX Rating
FOREX.com Rating
Grand Capital Rating
Trade360 Rating
HotForex Rating

EZTrader Rating
IQ Option Rating
OptionBit Rating
Anyoption Rating
Binary Brokerz Rating
Banc De Binary Rating