Gold prices traded in green

7 March, 2017

Gold prices traded in green on Monday amid the increased demand for risky assets following the news about the launch of four North Korean ballistic missiles.

Current situation

The gold recovery stalled around 1235 dollars per ounce on Monday. Buyers did not find any reason to move the price further. The precious metal was slowly declining the night and the morning and reached 1230 in the noon. The 4 hours chart showed that the price bounced off the 200-EMA upwards and then was sandwiched between this moving average and the 100-EMA. The moving averages were neutral in the same timeframe. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

MACD grew which indicates the sellers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

A break below 1230 would open the way to 1220 dollars per ounce.


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