15, August 2016

XAU/USD (a 4-hour chart)

XAU/USD (a 4-hour chart)

General overview

Investors are concerned over the global market prospects and chose gold as a safe asset.

Current situation

The gold remained in an upward channel close to its lower limit. Traders pushed the price lower to the support 1330 by the end of the trades. The resistance is seen at 1350, the support stands at 1330.

MACD is in the negative area. MACD decreased which confirms the strength of sellers. RSI is still neutral.

The price broke the 50 and 100 EMAs and stopped just below the last in the 4 hours chart. The moving averages (50, 100 and 200) are still trending higher.

Trading recommendations

We still support the idea of a decrease towards 1130.