Gold prices recovered on Monday

22 November, 2016

Gold prices recovered on Monday however a precious metal remained in the red amid revived hopes of a Fed rate-hike in December. Markets are waiting for Trump's fiscal policy, expecting a new boost of economic activity.

Current situation

Technically, market sentiment remained negative on Monday. Gold prices met a barrier around 1200 dollars per ounce. Sellers lost strength and the pair was able to recover. The price reversed direction and escalated to 1215 post-Europe open. The yellow metal broke the 50-EMA and approached the 100-EMA in the 1 hour chart. The 100-EMA slowed its further recovery holding it a few pips below the moving. All moving averages kept pointing lower. The resistance is at 1220, the support comes in at 1210 dollars per ounce.

MACD grew which indicates the sellers’ positions weakening. RSI bounced off the oversold area.

Trading recommendations

The price may extend its gains if it breaks above 1220. A break above the level may send prices to 1230. If the market fails to maintain its positive sentiment the precious metal will weaken to 1200 dollars per ounce.

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