XAU/USD (a 4-hour chart)
Expectations over the Fed’s next monetary policy action remain a key determinant for the pair. The uncertainty over the issue weighs on the metal.
The gold prices remained under pressure. Its latest recovery appeared to be overextended and the metal returned below 1330 dollar per ounce. The day low was marked at 1321. The XAU/USD broke the moving averages down. The moving averages maintain a bearish slope. The resistance is at 1330, the support comes in at 1316 dollar per ounce.
Gold futures are under pressure. A strong breakdown and close below 1320 could send prices lower towards 1316. Alternatively, the metal will grow through 1330 towards 1335.