XAU/USD (a 4-hour chart)
Gold prices slightly recovered after a recent decline to 10-month low. A weak dollar retracement helped the yellow metal to reverse some losses. However gold recovery was limited due to strong expectations of the Fed hike action in December.
Daily technical studies remained bearish. Gold met a barrier around 1160 and bounced off it. The price recovered to the 1180 region where the upwards momentum lost its strength ahead of the
MACD remained at the same level which confirms the strength of sellers. The RSI indicator continued consolidating within oversold levels.
We expect to see renewed bearish pressure. The next level to focus on is 1160.