Table of Contents
Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Gold Ends Up Despite Strong U.S. Data - 16 February 2017

Gold prices rose on Wednesday after choppy trading session. The XAU/USD pair traded as low as $1213.63 an ounce as the dollar edged higher on the back of on the back of solid U.S. economic data. The Labor Department reported its consumer price index jumped 0.6% in January, well above expectations for a rise of 0.3%. In a separate report, the Commerce Department said retail sales increased 0.4% last month.

Despite upbeat U.S. economic data, the yellow metal reversed its course and ended the day on the upside, forming a hammer. Yesterday’s candle which left a long lower shadow suggests that buying interest emerges on dips. The market looks as if it will to try to break to the upside, and march towards the 1247/6 zone. However, as I mentioned previously, the market has to climb and hold beyond the 1237/35 area in order to support this theory. A break through there brings in 1252.


On the other hand, a failed attempt to break through the anticipated resistance in the 1237/35 area could help bears pull prices back to 1232/29, where the top of the daily Ichimoku cloud and the Tenkan-Sen (nine-period moving average, red line) coincide. If XAU/USD drops below 1229, then 1225 will be the next stop. Down below, the 1220/19 area stands out as an obvious support. The bears have to capture this camp so that they can have a chance to visit 1213/1.


Alp Kocak
About Alp Kocak
Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.

Most Visited Forex Broker Reviews