XAU/USD (a 4-hour chart)
Gold futures are still in green figures after a surprisingly weak
Gold prices remained at the weekly highs on Wednesday. Buyers seem to have run out of steam and the pair is going back and forth in a strict range between the marks 1345 – 1352. The gold prices are above the moving averages which are pointing upwards in the 4 hours chart. The resistance is at 1350, the support comes in at 1330 per ounce.
MACD and RSI slightly changed from yesterday. Indicators generate a buy signal.
The overall outlook remains bullish, for rise towards 1360 resistance area. However, as the XAU/USD is overbought we expect a short term correction towards 1330.