13, September 2016

XAU/USD (a 4-hour chart)

General overview

Gold futures weakened amid reviving hopes of an eventual Fed rate-hike in September.

Current situation

Gold traded at 4-day lows on Monday. After a brief consolidation during the Asian hours the metal returned to a decrease in the European session. The instrument broke through the 50, 100 and 200 EMAs and headed away from them. The resistance is at 1330, the support comes in at 1316 per ounce.

MACD is negative. MACD decreased which confirms the strength of sellers. RSI is approaching the oversold area.

Trading recommendations

As anticipated the price broke the 1330 level. Now the gold futures are advancing south. The level 1316 is the next sellers’ target.