Gold prices remained in green

17 March, 2017

Gold prices remained in green

Gold prices remained in green on Thursday amid the weaker US dollar. The greenback weakened after disappointing Yellen’s remarks regarding the Fed monetary policy.

Current situation

The bullish market structure remained in place on Thursday. Gold futures opened green against the US dollar and extended its near-term bullish momentum afterwards. The pair reached 1228 dollars per ounce in the morning. Buyers lost steam around the level and stepped away giving the chance to sellers to reverse some losses. The price broke the 50-EMA upwards and tested the 200 and 100 EMAs in the 4 hours timeframe. The 50 and 100 EMAs kept heading lower while the 200-EMA turned upwards in the same chart. The resistance is highlighted 1230, the support comes in at 1220 dollars per ounce.

The MACD histogram grew which is a buy signal. The RSI indicator held within overbought readings, and headed now south.

Trading recommendations

A downward correction is expected in the near term. The first target is the support level of 1220 dollars per ounce.


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