Gold spot found fresh bids around 1230

9 February, 2017

Political instability in the EU ahead of the French elections, and uncertainty over the US President political actions boosted the demand for the yellow metal. Moreover, fading expectations of Fed rate-hike action in the near-term weighed on US Treasury bond yields supporting the precious metal.

Current situation

Bulls maintained control over the market on Wednesday. Gold spot found fresh bids around 1230 and managed to erased all Tuesday's losses in the European session. The precious metal grew and refreshed three month highs at 1240 dollars per ounce. The gold price bounced from the 50-EMA in the 1 hour chart. The spot continued developing well above its moving averages during the day. All moving averages were bullish in the same chart. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

The MACD histogram grew which indicates buyers’ strength. RSI consolidated within the overvalued area.

Trading recommendations

The bullish scenario prevailed on Wednesday. A break above 1240 hurdle risks a growth towards the resistance at 1250 dollars per ounce.

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