03, August 2016

XAU/USD (a 4-hour chart)

XAU/USD (a 4-hour chart)

General overview

The gold remained at the 3-week highs as investors expect from the Fed further signals regarding a rate hike.

Current situation

The pair had a positive day on Tuesday. The instrument is approaching the resistance level of 1370. The resistance is seen at 1370, the support stands at 1350.

Indicators generated a buy signal. MACD is in the positive area. Indicator RSI entered the overbought area.

The price is above the 50, 100 and 200 EMAs in the 4 hours chart. The moving averages generate a buy signal.

Trading recommendations

The potential growth targets are the resistance levels: 1370 and 1400.