FXstreet

Gold prices are trading flat this morning, ahead of today’s US ISM Manufacturing data. This is considered the first high importance US Dollar event for 2017 trading, and expectations are set for a release of 53.8. Any deviations from this value may directly affect the US Dollar, and the price of Gold.



Technically, Gold is considered in a long term downtrend as prices broke remain beneath its 200 day SMA (simple moving average) at $1,268.57. In the short term, the commodity is showing a bullish bounce off of December’s low of $1,126.85. This current bounce in price has placed Gold price back above the 10 day EMA (exponential moving average), which is currently acting as support on the daily chart below at $1,145.26.


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