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Gold Wins on Trump's Uncertainty

Tuesday, March 28, 2017 6:37 AM GMT

Gold continues to gain ground in result of Trump’s uncertainty that he will be able to deliver his commitments. We had a taste of this phenomenon from the failed health care plan proposal, which was pulled in lack of Republican votes.  US Indices are in a corrective phase last period while Gold has reached 1260 once again. However, XAUUSD broke out the 200 SMA (blue) although it had failed to do so a few days prior. It is currently trying to base above 200 SMA, which will be critical. Plus, RSI (14) has still room to move to the upside. Bulls need to stay alert on bearish candlestick patterns in this area.

Daily

 

H4

Heading lower on 4hours timeframe, we have noted a potential double top pattern, but bears need a bearish rejection pattern in this zone (as stated above). In addition, there is no major RSI negative divergence. Support at 1235. If Gold breaks out 1260, then next target is at 1270.


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