XAU/USD (a 4-hour chart)
Gold prices got under buying pressure amid as Donald Trump shocked markets by winning the U.S. presidential race. However, Donald Trump’s winning speech afterwards comforted markets and returned risk appetite back.
Gold prices were bale to strengthen last night, reaching its highest levels since September 26th. Buyers were able to push the price to 1335, but failed to hold onto gains. The pair sharply fell and stopped at 1300, coming across with buyers’ resistance. The yellow metal remained around the mentioned level, consolidating its gains ahead of the NY opening. The moving averages were neutral in the 4 hours chart. The resistance is at 1300, the support comes in at 1290 dollars per ounce.
The MACD histogram grew which indicates the buyers’ strength. RSI bounced from the overbought area.
If bulls retain control the XAU/USD pair will grow to 1310-1315. A daily close below 1300 will put on hold bulls’ plans. In this scenario sellers will drag gold prices to 1280 through 1290 dollars per ounce.