1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

Gold edges lower, posts second daily loss in a row

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Joined:
    Oct 7, 2015
    Messages:
    27,524
    Likes Received:
    0
    Gold prices remained under pressure at the beginning of the week, with spot falling below $1,215 an ounce.

    The daily decline was modest, as investors were unable to shrug-off the increasing uncertainty over the US economy, as a solid employment report followed an ultra-dovish stance coming from policy makers. Nevertheless, recent US positive data has weighed ons buyers’ mood, not yet ready to give up, but reluctant to add at current levels.

    Gold technical view

    “Having traded within Friday's lower range, the daily chart shows that the price continues to develop below a bearish 20 SMA that contained advances since mid March, while the technical indicators present limited bearish strength, but remain within negative territory,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price extended further below its moving averages, with the 20 SMA now heading sharply lower around 1,225.00, and the technical indicators accelerating lower below their mid-lines, favoring some further declines, particularly on a break below 1,208.90, Friday's low.”

    Support levels: 1,214.70 1.208.90 1,200.00. Resistance levels: 1,222.70 1.231.90 1,240.30.
    For more information, read our latest forex news.
     

Share This Page