04, October 2016

XAU/USD (a 4-hour chart)

General overview

Gold prices remained intact on Monday even though the fears regarding a Deutsche Bank collapse eased.

Current situation

Gold was steady on Monday after last Friday’s sharp decrease. The pair traded around the recent lows close to the 1310 level. Gold prices are below the 50, 100 and 200 EMAs which are all pointing lower. The resistance is at 1320, the support comes in at 1310 dollar per ounce.

MACD remained negative. RSI is in the overvalued territory.

Trading recommendations

The pair now seems to be heading towards its immediate support near 1310. A close below the level will trigger losses to the 1305 mark. A break above 1320 could cheer up buyers and would open the way to the 1327-1330 region.