GOLD - USD - Completed a Red Day - Target Locked at $1,265 - 05/02/2017 (GMT)
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GOLD - USD Chart
The yellow metal moved gradually lower following the rebound on the $1,293 resistance level and plummeted more than 1% since yesterday’s trading period. The XAU/USD pair hit our suggested target at $1,265 (see technical analysis here: http://bit.ly/2q5Owwg) and slipped lower challenging a new three-week low at $1,253.
On the short-term timeframe, the price is moving towards the rising trend line which is holding since December 2016. The immediate barrier which could act as a strong support level for the bulls is the $1,240 and overlaps with the 200-SMA. The simple moving averages 100 and 200 are ready to create a bullish crossover signaling upside movement. On the other hand, the technical indicators are still falling. The RSI indicator plummeted into the negative path and the MACD oscillator is falling near its neutral area.
On the short-term timeframe, the price is moving towards the rising trend line which is holding since December 2016. The immediate barrier which could act as a strong support level for the bulls is the $1,240 and overlaps with the 200-SMA. The simple moving averages 100 and 200 are ready to create a bullish crossover signaling upside movement. On the other hand, the technical indicators are still falling. The RSI indicator plummeted into the negative path and the MACD oscillator is falling near its neutral area.
This member did not declare if he had a position on this financial instrument or a related financial instrument.
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