Gold moved lower

2 February, 2017

Gold moved lower on Wednesday retreating from its recent highs. The price touched the support 1210 in the late Asian trades and stayed around the level afterwards. A downward impetus emerged ahead of the NY opening. Gold spot sharply dropped heading towards 1200. The 4 hours chart showed that the price broke the 100 and the 50-EMAs upwards. The pair continued developing well above its moving averages. The moving averages kept pointing higher in the mentioned timeframe. The resistance exists at 1220, the support stands at 1210 dollars per ounce.

 MACD entered the positive area. If MACD remains in the positive territory, buyers’ positions will strengthen. RSI consolidated within the overvalued readings.

Trading recommendations

The bullish scenario prevailed on Wednesday. Once we break above 1210, we think that the 1220 level will be next. Inability to revive buying momentum may turn the market to the downside. The precious metal may fall to 1200 to gather some steam for more upside action.


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