Gold prices retreated further

6 February, 2017

Gold prices retreated further on Friday amid modest US dollar recovery. The US dollar strengthened ahead of official jobs report weighing on dollar-denominated commodities - like gold.

Current situation

The upmove lacked momentum after posting a weekly high at 1220 dollars per ounce. The price retreated below the level where fresh offers pushed the rate lower. The precious metal eased more overnight and had approached 1210 by the European session opening. Sellers met a barrier here and took a breath gathering steam for a fresh leg lower. According to the 4 hours chart the gold metal price stayed above its moving averages. The 50-EMA crossed the 100-EMA downwards. The 100 and the 200-EMAs headed north while the 50-EMA was bearish-neutral. The resistance exists at 1220, the support stands at 1210 dollars per ounce.

MACD remained at the same level which confirms the strength of buyers. RSI stayed within the overvalued readings close to the neutral area.

Trading recommendations

A move below 1210 will signal the presence of sellers. A move lower might suggest further weakness of the gold metal price towards the 1200 level.


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