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Gold hovers at 3-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold gained for a second day in-a-row, as the dollar weakened, with spot trading around $1,258.00 an ounce by the end of the US session, slightly below the 1-year high set last February at $1,263.36.

    Weakening equities and soft economic indicators, suggesting that the global slowdown continues deepening, fueled demand for the bright metal this Thursday.

    Gold technical view

    “Daily basis, the strong upward potential remains clear, given that the price is now far above a bullish 20 SMA, while the technical indicators have extended their advances towards overbought levels. In the 4 hours chart, the technical picture also favors additional gains, given that the metal continued to meet buying interest on approaches to a mild bullish 20 SMA, while the RSI indicator heads north around 68,” said Valeria Bednarik, chief analyst at FXStreet. “The Momentum indicator in this last time frame has managed to advance some above its mid-line, but maintains a neutral stance, rather reflecting that the latest advance has been slow than suggesting an absence of buying interest.”

    Support levels: 1,253.45 1,242.50 1,234.90.Resistance levels: 1,263.40 1,271.80 1,280.35.
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