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Gold could retreat back to $1,200 on technical and fundamental factors

Published 02/28/2017, 08:09 AM
Updated 02/28/2017, 08:09 AM

Investing.com - Gold could retreat back to $1,200 an ounce on technical and fundamental considerations.
The precious metal has rallied from its December low of $1,122.75 but there seems to be limited further upside potential.
RSI Oscillator is currently pointing to overbought levels, while prices are close to a reversal point at the 61.8% Fibonacci level at $1,280.10.
That level also coincides with the possible end of the potential ABCD pattern.
Gold also faces mounting pressure for a rise in short-term interest rates.
FOMC members of late have been talking up the rationale for a March interest rate hike.
The scenario is building for gold to form new lows well below the $1,046 mark in the medium term.
In the short run, gold could move toward the $1,280 mark before a breakout failure sends it sharply lower toward $1,200 in a matter of weeks.

Latest comments

Gold could retreat back to $1,200 an ounce on technical and fundamental considerations - it could happen
Intraday Gold support 1247, 1243 and resisten 1258 -1264
my trader told me in the first week of this month that the gold will in the price range of 1250-1270an ounce.
the certain is brent at 50.50$ and a global market correction in most of the indices worldwide, only the really oversold will survive the drop. gold will be a rollercoaster too due to lack of demand, especially when it comes ''the next season''
lmao..gold to $1300
Really???? So the QQQ, SPX and DOW are not overbought???? Why don't you guys write articles about the market overbought...... it's because you don't own GOLD or Silver and you are not certainly the expert in teh GOLD space. GOLD & Silver are in a Bullish trend.... talk about the weekly crossover averages....
These guys hate to talk about gold doing well only bad
Nice try. Did Yellen have you write this garbage?.
Sounds like someone is stuck in a short.
lies
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