XAU/USD (a 4-hour chart)
The gold futures slightly decreased on Monday. Focus turns towards the stock markets from the safe assets. The decrease in expectations that the Fed will hike the rate this year holds the metal close to the 3-week high.
The trend is clearly bearish for now. Traders pushed the dollar higher. The pair is approaching the resistance level of 1360. The session high was marked at 1352.44. The resistance is seen at 1360, the support stands at 1330.
Indicators generated a buy signal. MACD is in the positive area. The histogram grew which indicates the buyers’ growing strength. Indicator RSI is close to the overbought area.
The price is hovering above the 50, 100 and 200 EMAs in the 4 hours chart. The 50-EMA is crossing the 100-EMA upwards. The 50, 100 and 200 Day EMAs are moving upwards. The moving averages generate a buy signal.
The overall outlook remains bullish, for a rise towards 1360 resistance area. We do not exclude a bearish correction back to 1330 where the 50 and 100-EMAs lie.