XAU/USD (a 4-hour chart)
Gold futures grew on the back of disappointing U.S Non-Manufacturing PMI report. The latest negative U.S statistics reduced expectations that the Fed will raise interest rates in September.
Gold prices jumped to the weekly highs due to
MACD is in the positive area. RSI entered the overbought area.
We believe that this is essentially a “buy only” market at the moment. The next buyers’ target is the level 1350.