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Market View

XAUUSD Weekly Technical Outlook

Tuesday, January 3, 2017 1:00 PM GMT

Gold failed to break out the 1160 level and lost most of the gains of the previous week. Traders prefer risking on equities as they bet on the growing expectations on US economic growth as well as on the positive momentum on EU markets at the start of 2017.

The weekly technical view remains bearish as price stays much lower than the MAs. The trend line (blue) acted as strong support and buyers stepped in previous week. Also the RSI(13) was oversold giving another indication for potential buying opportunity. 


On the daily chart, the grey zone (1140) acts support on short term. As long as the zone is held, the momentum remains positive. The price tries to cross above 21 EMA but not successfully yet. In the event that price remains above 1140, buying opportunities may be possible.    


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