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Trading Central: Gold Bearish Bias Remains -- Market Talk

28 Feb 2018 9:04 am

0904 GMT [Dow Jones] Although gold posted a rebound from $1,313 (the low of February 27) and broke above its 20-period moving average. it is still capped by a declining 50-period moving average, which plays a resistance role, on the 30-minute chart. A return to its previous low at $1,313 seems more likely to occur. The MACD is below its 0-level. The RSI is below its neutrality level at 50. The upside potential should be limited by the key resistance at $1,324. As long as this key level is not surpassed, look for a further drop to $1,313 and even to $1,307 in extension. Alternatively, only a break below $1,324 would turn the outlook to positive with an up target at $1,330. Gold is trading at $1,318.2 an ounce. [This piece contains the opinions of Trading Central and does not constitute personalized investment advice or form part of any invitation or inducement to buy or sell any security. The author has been prohibited by Trading Central from purchasing or otherwise directly or indirectly acquiring any direct or indirect beneficial ownership of any instruments or markets for which Trading Central or its affiliates issues recommendations. To read more, visit bit.ly/1MehCU9.] (analysts-europe@tradingcentral.com)

(END) Dow Jones Newswires

February 28, 2018 04:04 ET (09:04 GMT)

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