Gold prices struggled for a direction

5 December, 2016

Despite the dollar retracement across the board Gold remained unmoved on Friday as risk on sentiments prevailed.

Current situation

Gold prices struggled for a direction on Friday staying between the current support and resistance. The price moved back and forth between 1180 - 1170 during the day. The pair continued developing well below the moving averages. The price broke 50-EMA and stopped half way towards the 100-EMA in the 1 hour chart. The moving averages maintained their bearish slope. The resistance exists at 1180, the support stands at 1170 dollars per ounce.

MACD was in the negative territory. If MACD remains in the negative territory, sellers’ positions will strengthen. RSI was in a neutral area.

Trading recommendations

We prefer to stay neutral for now. We expect further sideways trades in the coming days.


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