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Gold gains more than 1%

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Gold prices advanced more than 1% to $1,227 a troy ounce as the decline in oil prices and the resulting risk aversion in the equities triggered a flight to safety. The weakness in the treasury yields also added to the bullish tone around gold prices.

    Gold technical view

    "The metal finished the day around $1,222/oz which is above 20-SMA in the 4 hour chart. In the daily chart, the RSI continues heading lower from overbought territory, indicating short-term bearish potential", said Omkar Godbole, analyst at FXStreet. "However, the rising 20-SMA in the daily along with the bullish RSI in the 4 hour chart and the closing above 20-SMA indicates the commodity is likely to be bought on dips. Overall, the upside is favoured unless a break below $1,218 leads the RSI moving below 50.00 levels."

    Support levels: 1,190 1,182 1,175. Resistance levels: 1,226 1,235 1,251.
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