XAU/USD (a 4-hour chart)
Gold futures edged lower on Friday on expectation of the US labor data hoping to get fresh clues over the Fed rate-hike plans in 2017.
Gold prices retreated below 1180 after posting fresh weekly highs at 1184 dollars per ounce. The metal stayed range-bound to lower below the current hurdle during the European hours. The price hovered above the moving averages in the 4 hours chart. The 50-EMA crossed the 100-EMA upwards in the same chart. The 50-EMA pointed higher while the 100-EMA was flat and the 200-EMA pointed lower. The resistance exists at 1180, the support stands at 1170 dollars per ounce.
The MACD histogram grew which is a buy signal. RSI indicator was within undervalued readings.
A bearish tone prevails in the 4 hours chart. We suppose the gold metal will decline to 1170 first. Having overcome the first target the price might advance towards 1160 dollars per ounce. A weak NFP release will support the precious metal sending it to fresh highs. The XAU/USD pair may reach 1190 in the short-term.