GOLD - USD - Surpassed 200-day SMA - $1,235 Is a Strong Resistance Level - 07/17/2017 (GMT)
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GOLD - USD Chart
The precious metal covered some of the losses in the previous week and snapped two positive candles in a row as its weekly performance stood at 1.3%. Meanwhile, the price hit the $1,207 price level and posted a new four-month low while now jumped higher and met the $1,233 resistance level.
In addition, the XAU/USD pair surpassed successfully the 200-day SMA while it challenged the 200-weekly SMA which overlaps with the $1,233 resistance handle. Our forecast is a reverse of the rising movement as the latter level is a strong resistance obstacle and the price may touch the $1,207 support level. On the other side, if the yellow metal climbs above $1,233, it will open the door for $1,240 and the $1,251 which coincides with the 50 and 100 SMAs. RSI and MACD are rising in the negative territories.
In addition, the XAU/USD pair surpassed successfully the 200-day SMA while it challenged the 200-weekly SMA which overlaps with the $1,233 resistance handle. Our forecast is a reverse of the rising movement as the latter level is a strong resistance obstacle and the price may touch the $1,207 support level. On the other side, if the yellow metal climbs above $1,233, it will open the door for $1,240 and the $1,251 which coincides with the 50 and 100 SMAs. RSI and MACD are rising in the negative territories.
This member did not declare if he had a position on this financial instrument or a related financial instrument.
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