Gold presumed its recovery on the back of a broad based US dollar weakness after dovish Fed minutes.
Gold extended the two-day recovery on Thursday. The precious metal broke 1170 dollars per ounce and tested the 1180 hurdle in the Asian session. Buyers had no strength to move higher and retreated back to 1170. The 4 hours chart showed that the price broke the 200-EMA upwards. The price continued developing well above the 200-EMA afterwards. The 50-EMA crossed the 100-EMA upwards in the mentioned timeframe. The 100 and the 200-EMA pointed lower while the 50-EMA was higher. The resistance exists at 1180, the support stands at 1170 dollars per ounce.
MACD remained at the same level which confirms the strength of buyers. RSI indicator remained within undervalued territory.
We a bullish short-term and expect a growth towards 1190 dollars per ounce. Meanwhile only a break below 1150 will indicate that the current bullish recovery is over. In this scenario, sellers may lead prices towards 1130 dollars per ounce.Publication source