Gold prices bounced off

27 April, 2017

Gold prices bounced off

Gold prices bounced off the oversold zone on Tuesday. The spot was struggling to build onto the recovery during the night trades. Buyers lost their steam at 1265 where the pair found some fresh offers. The price turned around and slightly eased in the late European session. The moving averages were mostly bullish while MACD and RSI gave bearish signals. The resistance is highlighted 1270, the support comes in at 1260 dollars per ounce.

 Trading recommendations

XAU/USD needs to regain at least the 1270 zone to ease the immediate bearish pressure. However, we do not believe in a buy scenario. A strong breakdown and close below 1260 could send prices lower towards 1250 dollars per ounce.


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