XAU/USD (a 4-hour chart)
Yesterday the gold grew as investors returned to the yellow metal as a safe heaven asset when the price dropped on Tuesday.
The pair remained in a sideways. The gold futures consolidated after a sharp decrease the other day. The instrument remained in a narrow channel 1335 – 1346. The resistance is at 1360, the support comes in at 1330.
MACD is in the negative area. The histogram grew which indicates the sellers’ weakness. Indicator RSI rebounded from the oversold area. Its signal line moved upward which confirms the strength of buyers.
The price broke the 50-EMA in the 4 hours chart, it moved downwards and rebounded from the 100-EMA. The 50-EMA and the 100-EMA are moving horizontal, the 200-EMA is moving upwards.
If the price fixates below the support 1330, it may continue the downward trend in the short term. The potential target is 1300. If the price grows it will get to 1360.