XAU/USD (a 4-hour chart)
XAU/USD grew due to risk aversion on the back of a weak
Gold rallied on Friday. The yellow metal gained about 0.85% by the end of the trades. The price broke the 50-EMA and tested the 100 and 200 EMAs in the 4 hours chart. The moving averages direction is downwards. The resistance is at 1330, the support comes in at 1316 per ounce.
MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI is heading towards the overbought area.
A break above the 1330 resistance would switch the market tone to bullish. Should the XAU/USD break the resistance level and the price will grow to 1340. Controversially, gold futures will fall below 1316.