03, June 2016

XAU/USD (a 4-hour chart)

XAU/USD (a 4-hour chart)

General overview

We believe that the dollar can keep growing if the FED continues making aggressive statements. The strong dollar shall pressure all risky assets including the gold. The US regulator has been showing signals of his readiness to increase the rates further at the next meeting.

Current situation

The gold lost some of its positions yesterday. The pair broke the level 1215 downwards. The pair did not move deep and stopped at 1209.50. The metal needs new drivers to continue its moving. The resistance is at the level of 1215, the support is at 1200.

MACD is in a negative area, the histogram is above the signal line. MACD kept increasing. The signal is bullish. RSI is in a neutral zone giving no signal.

Trading recommendations

The potential decrease targets are two levels of support: 1200 and 1180.