XAU/USD (a 4-hour chart)
Despite the weak US Non-farm Payrolls gold prices remained under pressure as the probability of a Fed rate-hike at the December meeting remains high.
The XAU/USD pair traded in a consolidation range during the Asian and European sessions on Friday. Sellers consolidated their gains after one week decrease. The price found a support at 1250 and traded above the level during the day. Gold managed to reverse some of its losses and recovered to 1265 after the US NFP report. The price tried to regain the level but failed and faced another wave of the selling pressure. The moving averages maintained their bearish slope in the 4 hours chart. All moving averages direction is downwards. The resistance is at 1260, the support comes in at 1250 dollar per ounce.
MACD remained in the negative area. RSI indicator stayed near the oversold levels, favoring a new move lower.
We prefer to stay neutral for now. The price will remain in a range in the lack of new drivers. Buyers may reverse some of their losses if they push the price higher to 1270.