Gold prices stayed around a fresh one-month low

17 November, 2016

The improved market sentiment over Trump presidency effect on the U.S. economy weighed on gold prices on Friday.

Current situation

Gold prices stayed around a fresh one-month low on Friday during the Asian hours. The yellow metal remained under pressure amid the bid sentiment around the dollar. The price traded between levels 1250 and 1260 dollars per ounce in the European session. The pair made a good break lower in the NY session. Sellers broke a bunch of levels heading towards fresh monthly low. The XAU/ISD closed the week around 1220. The price continues developing well below the moving averages. The moving averages are heading lower in the 4 hours chart. The resistance is at 1220, the support comes in at 1230 dollars per ounce.

Technical indicators retain bearish signals. MACD remained at the same level which confirms the strength of buyers. The RSI indicator continued consolidating within oversold levels.

Trading recommendations

The precious metal is expected to recover in the short term. Gold will strengthen as soon, as the pair rises above the resistance level 1240. If buyers return they may lead prices to 1260 dollars per ounce.

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