Gold reached three-month highs

27 February, 2017

Gold reached three-month highs on Friday amid the dollar in the light of the latest FOMC minutes analysis. The world political instability increased the demand for risk-free assets as well.

Current situation

Spot gold remained on strong bullish footing on Friday. After an Asian flat the price got an upward impetus in the European morning. Strong bullish interest helped the price to break 1250 and drove the price towards 1260 afterwards. The 4 hours chart showed that the price continues developing well above the moving averages. The moving averages maintained their bullish slope in the same timeframe. The resistance exists at 1260, the support stands at 1250 dollars per ounce.

The MACD histogram grew which indicates buyers’ strength. RSI went upwards which confirms the strength of buyers. 

Trading recommendations 

If the bullish tone persists we expect a breakout of the level 1260 dollars per ounce.


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