Gold Price Technical Analysis for January 31, 2017
Gold Price Fundamental Analysis
Gold price were nearly unchanged on Monday as prices traded in a tight range forming a doji day were the open and the close are the same which reflects indecision. Stronger than expected Eurozone confidence helped the yellow metal remain buoyed. Prices were unable to capture resistance near the 10-day moving average at 1,203. Support is seen near the Friday lows at 1,180.
Momentum has turned negative as the MACD (moving average convergence divergence) index recently generated a crossover sell signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses below the 9-day moving average of the spread. The index moved from positive to negative territory confirming the sell signal. Eurozone ESI economic confidence came in higher than expected at 108.2, up from 107.8 in December.
Gold Technical Support and Resistance
Support 1: 1188.58
Support 2: 1185.88
Support 3: 1181.53
Resistance 1: 1197.28
Resistance 2: 1199.98
Resistance 3: 1204.33