Gold on Tuesday 9th May 2017, Gold prices down by -120 pts (-0.43%) & closed at 27971 trading range between 27951-28174 and April Comex Gold futures closed at $1227.10, division of the New York Mercantile Exchange. Gold markets reacted to a decision by President Donald Trump to dramatically fire FBI Director James Comex, fearing that the resulting political blow-back could further derail efforts at tax cuts and other economic policy aims.

Technical Outlook:

Gold prices attempted to move higher at 28177 during the trading session but were unsuccessful, running into resistance at the breakdown level that was generated. This led to the sentimental breakdown at 28000. The next additional support will be 27900.

We can observe dangling appearance in Gold prices now which is an indication that we are more likely to continue to witness sellers. We can read here that, only selling opportunities will be offered further. We suppose the 27900 level, as it was massively supportive on the longer-term charts.

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