Gold prices rose jumped as much as 2 percent on Tuesday as the dollar weakened and investors sought a safe haven investment when oil prices fell and Russia raised interest rates failed to stabilize the ruble, but the rebound in US stocks pushed the movement direction of the price of gold.
On the movement Tuesday, gold trading opened in the range of 1194.25 per troy ounce. Gold prices rose sharply to move upward toward the highest daily price in the range of USD 1223.35 per troy ounce. Gold is back under pressure to move down towards the lowest prices daily in the range of USD 1187.23 per troy ounce. Finally, the price of gold closed at around USD1197.11 per troy ounce. The movement of gold gain against the dollar as much as USD 2.86.
In general, the movement of gold in the 4-hourly chart looks still in bullish condition corrected. The price of gold was seen in the simple moving average indicator 200 and 50 which are areas of support and resistance for the movement of gold. Indicator of relative strength index (RSI 14) at the level of 40 to give an indication of potential prices are in bullish condition. Instead, the momentum indicator 14 provides an indication that the price will still move bearish.
The intraday bias, gold price movements on the 4-hourly chart looks to be in a correction phase and the current strong price holds above the support area. If the price of gold, the dollar strengthened against the resistance of USD 1217.32 per troy ounce to be penetrated by the movement of the price at which it is likely the price will move up towards resistance at USD 1238.13 per troy ounce. Conversely, if the price of gold moves down the support of USD 1190.39 per troy ounce will first penetrated where there is potential for the gold price will move towards support at USD 1165.18 per troy ounce.