06, July 2016

XAU/USD (a 4-hour chart)

XAU/USD (a 4-hour chart)

General overview

The gold grew yesterday due to expectations that leading Central Banks will increase their incentives to prevent Brexit effect.

Current situation

The gold futures continued its growth and approached the recently set high at 1360. The resistance is at 1360, the support comes in at 1330.

Technically, indicators remained in a green zone. MACD and RSI grew which is a buy signal. The growth of indicators indicate buyers’ strength. The moving averages (50, 100 and 200) are moving upwards, it is another buy signal.

Trading recommendations

The potential growth targets are the resistance levels: 1360 and 1390.