Gold recovery stalled around 1160

January 3, 2017

Gold recovery stalled around 1160. The metal lost its upside momentum amid renewed greenback buying interest. After a brief consolidation phase in the early Europe the price left three weeks highs and slowly headed south. According to the 4 hours chart the yellow metal broke the 50 and the 100-EMAs upwards. The 100 and the 200-EMA maintained their bearish slope while the 50-EMA turned higher.

The resistance exists at 1160, the support stands at 1150 dollars per ounce.

The MACD histogram decreased which indicates sellers are gaining strength. RSI consolidated within positive territory.

Trading recommendations

A daily close below 1150 may suggest gold further weakness. The XAUUSD pair may weaken towards 1120 dollars per ounce.

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