12, August 2016

XAU/USD (a 4-hour chart)

XAU/USD (a 4-hour chart)

General overview

Gold got under selling pressure after the positive U.S labour report. Analysts are evaluating a possible timing of a rate hike by the Fed.

Current situation

The pair spent Thursday in a narrow range 1341-1346. All buyers’ attempts to push the price higher failed. Sellers returned to the market after a bunch of the U.S statistics. The resistance is seen at 1350, the support stands at 1330.

MACD indicator is still at the centerline. RSI is neutral.

The instrument traded above the 50-EMA which acts as a support for the price in the 4 hours chart. The moving averages (50, 100 and 200) are still trending higher.

Trading recommendations

Gold futures got under pressure. If the pressure persists the next sellers’ target will be at 1330 where a strong bullish 200-EMA lies in the 4 hours chart.