06, September 2016

XAU/USD (a 4-hour chart)

General overview

The Gold remained close to the weekly high as disappointing US labor report diminished expectations for another rate hike in 2016.

Current situation

XAU/USD traded close to the weekly high on Monday. The price was at the 200-EMA in the 4 hours chart. The moving averages are turning upwards. The resistance is at 1330, the support comes in at 1316 per ounce.

MACD is in the positive area. The histogram grew which indicates the buyers’ strength. RSI is close to the overbought area.

Trading recommendations

The pair will presume its upward trend if it breaks the resistance 1330. If the instrument gets below 1316 sellers will lead the price to 1300.