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Gold (XAU/USD) - daily bearish to be resumed; 1,226 is the key

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by , 03-03-2017 at 01:45 AM (1369 Views)
      
   
Gold Prices have dipped as the US Dollar gains strength ahead of this morning’s USD ISM Manufacturing data. Expectations for today’s event are set at 56.2, and as a high importance event its release is expected to directly affect US Dollar priced assets including Gold.

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Technically, gold prices have declined substantially after trading to yearly highs earlier in the week at $1,264.06. Now, prices are trading back below their 10 day EMA (exponential moving average), which is found at $1,244.54. A daily close below this average should be considered as a bearish turn in the market, and traders should note that gold prices have not closed below this line since January 30th of this year. If prices decline further, on continued US Dollar strength, gold traders may begin looking for support near the February 21st low of $1,226.23.

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