XAU/USD – Gold Weekly Analysis 28 February 2017

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CHARTING

The crucial points are:

1

The price of gold has fiercely risen, resulting from the publication of the FOMC meeting minutes. This announcement has led the price to fiercely breach the 1240 level of resistance. Since, the price has continued to move in a positive way, until it met the 1260 level, a level which the bulls seem to have difficulty breaching, until now.

Charting outcome: Marginally bullish – Neutral      

INDICATORS (Computerized T.A)

The crucial points are:

2

3

The indicators are signaling that a strong uptrend has occurred. The moving averages have added slight bullishness in their slopes, while the spread between the positive and the negative dynamic has widened. The trend dynamic has marginally fallen by -4.38%, such as the market’s volatility which has marginally fallen by -6.51%. The oscillators have passed into heavily overbought levels.

Indicators outcome: Bullish – Marginally bullish    

CONCLUSION

The indicators and charting seem to confirm that the market is more likely to move in a positive way. If the price appreciates higher than 1260.00 level, the next resistance is possible to occur at 1280.00 level. On the contrary, if the price breaks lower than 1240.00 level, the next support could occur at 1220.00 level.

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