GOLD - USD - Almost Test $1,265 Again - Bearish Move is Expected - 04/03/2017 (GMT)
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GOLD - USD Chart
The precious metal rose 0.24% in the previous week and met for the second time the $1,265 price level which acted as a strong resistance obstacle for the bears. The technical indicators are all looking fairly flat as they don’t indicate a clear direction
The XAU/USD pair is trading within an upward correction since December 2016 and created an ascending movement. In addition, the price is trading above the three SMAs, but if there is a slip below $1,239 will drive the metal until the $1,230 level which overlaps with the 23.6% Fibonacci retracement level of the rising move with low on December 15th of 2016 and high on February 27th of 2017. A run to the upside above $1,265, will expose the yellow metal until $1,308. RSI is still lies in a positive area and MACD is moving near its trigger line above its mid-level.
The XAU/USD pair is trading within an upward correction since December 2016 and created an ascending movement. In addition, the price is trading above the three SMAs, but if there is a slip below $1,239 will drive the metal until the $1,230 level which overlaps with the 23.6% Fibonacci retracement level of the rising move with low on December 15th of 2016 and high on February 27th of 2017. A run to the upside above $1,265, will expose the yellow metal until $1,308. RSI is still lies in a positive area and MACD is moving near its trigger line above its mid-level.
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