Gold declined at the beginning of Today Asian trading session, as the dollar traded close to a 5-1/2-year high against a basket of major currencies, but the yellow metal managed to hold above the key level of $1200 per ounce.
The investors are cautiously awaiting the ECB policy decision concerning the monetary stimulus measures, also the U.S. jobless claims data to see if it will push the dollar to rise further.
We have mentioned in our previous technical analysis that the Gold is in processes to witness a significant bullish wave above $1204 per ounce, and we also mentioned that the prices was below $1186 and followed by a significant recover of the Gold.
The prices have reached the first 3 expected targets and rose toward $1221 per ounce. And concerning the next trading session, and as we can see on the monthly chart, the gold has faced a barrier around the lower line of the Bollinger band® and is in process to form the 2B Bottom which confirms the upward movement. So the pullback of the prices to trade around $1200 is just a profit taking from the precious buying positions. Then we expect a new bullish wave toward $1214,$1216, then toward the mentioned resistance area of $1223-$1232 per ounce.
As for the key support level, it lays a $1276, and as long as the prices will trade above this level, the Gold will continue its general bullish trend.
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Gold Prices Remain Steady Above $1200 Ahead Of The ECB Meeting
Published 12/04/2014, 03:24 AM
Updated 05/14/2017, 06:45 AM
Gold Prices Remain Steady Above $1200 Ahead Of The ECB Meeting
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