Thursday 29 December 2016

Gold Skyrocketed And Marked A Fresh Two Week High

Since the early trading hours today Gold was seen flirting with 1150 handle. Later on retreated to lower levels and reached intraday low at 1144.33.The thin trading volumes due to the holidays, the lack of significant economic releases this week and the US dollar’s strength uncertainty are ruling the yellow metal’s direction. It seems now that the greenback is feeling weak and gold took immediate advantage with the beginning of US session.
The precious metal skyrocketed and hit intraday high at 1159.50. This level has not been visited since 14th December – when was held the latest FOMC meeting. With marking a two week high and gaining something around $22 for the past week, Gold is posting excellent weekly achievement even the best for the last quarter. 
Currently the price slightly stepped back and is trading now at 1154.90. 
The hourly chart is showing that XAU/USD surpassed the 20-day EMA and is moving to the upside. 
RSI has modestly recovered from extreme overbought conditions. Stochastic is also placed within overbought area, but loosing strength.
1150.00 remains key area and if closing above, might provoke bulls to fight for 1160.00 handle, where is lying important resistance. 1150.00 turned from resistance to support now, and looking to the downside next support is seen at 1140.00


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