Gold bounced from its upper limit

3 July, 2017

The XAU/USD pair traded in a near-term downward channel on Friday. The yellow metal bounced from its upper limit last Thursday and reached its lower limit on Friday. The resistance is at 1250, the support comes in at 1240 dollars per ounce. EMA50 and EMA100 moved downwards in the 4 hours chart. MACD and Stochastic were in the negative area. We expect the spot to retest 1240 in the short-term. Should sellers succeed they may lead the pair down to 1230. If the level stands the spot may bounce to 1240 dollars per ounce.


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