XAU/USD (a 4-hour chart)
Gold became cheaper on Monday after the strong U.S Labor market report which increased the possibility of the rate hike by the Federal Reserve this year.
Gold futures remained at the weekly low after a sharp decrease last Friday. The price traded in a narrow side channel between the levels 1330 and 1337. The pair remained in the ascending channel, at its low boundary. The resistance is seen at 1350, the support stands at 1330.
MACD is in the negative area. The MACD remained at the same level which confirms the strength of sellers. RSI bounced from the oversold area.
The price remained below the 100-EMA in the 4 hours chart. The instrument is locked between the 100 and 200 EMAs. The moving averages are turning downwards.
We expect a pullback towards 1342 where the price may turn downwards and continue with a decrease.