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 Treads Water Ahead of FOMC Minutes - 22 February 2017

Gold prices ended a choppy trading session on the downside Tuesday. The XAU/USD pair initially pulled back towards the $1225 level after the support in the $1232/29 gave way but bounced up from there and tried break through $1239. The market is currently at $1235.09, slightly lower than the opening price of $1236.07.

While hawkish comments from Fed officials underpinned the U.S. dollar, the European political concerns helped gold recover early losses. As the key levels are holding, the market remains well within the consolidation that we’ve seen for some time. The short-term technical charts remain bullish, with the market trading above the daily and the 4-hourly Ichimoku clouds, though flat Tenkan-Sen (nine-period moving average, red line) and Kijun-Sen (twenty six-period moving average, green line) lines indicate the absence of a strong momentum.


The initial resistance level stands at 1239, followed by 1247/6. I think a break up above 1247 could give the bulls the extra power they need to challenge the bears waiting at 1252. Once the bulls clears 1252 on a daily basis, the market may proceed to 1261. To the downside, keep an eye on the 1232/29 are where the daily Tenkan-Sen and the top of the daily cloud converge. Below that, 1225 stands out as an obvious support. If this support is broken, then 1220/19 will be the next port of call. Breaking down below there would pave the way towards 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