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Gold trading at $1647.77

Gold prices are close to fully retrace recovery rally from 1625 (04 January low) to 1697 (17 January high). According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “A break below the triangular consolidation and subsequent loss of the near-term range floor / 200-day MA at 1660 zone has signaled a fresh direction.”

“The near-term studies are strictly negative and show no reversal signals for now, despite oversold conditions that sees room for final push towards 1625. The previous strong support at 1650 now offers initial resistance, with 1663 (200-day MA and former range floor) expected to cap any rallies.” Drvenica warns. At the time of writing the price of gold has settled at USD $1647.77 Tuesday.

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