XAU/USD (a 4-hour chart)
Gold prices traded higher on Wednesday however its gains are limited due to renewed expectations that the Fed will hike rates in December.
A consolidation phase remained intact on Wednesday. Buyers managed to reverse just a minor part of their losses before the recovery action stalled around 1230 dollars per ounce. An attempt to reclaim the 1230 level failed during the European trades. The yellow metal rolled back immediately after the level test. According to the 1 hour chart the pair failed to break the 50-EMA. The moving appeared to be a solid barrier which rejected the yellow metal downwards. The moving averages pointed lower in the mentioned timeframe. The resistance is at 1230, the support comes in at 1220 dollars per ounce. The technical indicators headed lower within negative territory. MACD remained at the same level which confirms the strength of sellers. The RSI indicator was holding near oversold levels, favoring a new move lower.
The price came across fresh selling offers around 1230 dollars per ounce. A failed test of the barrier may renew the selling interest sending prices to 1210 through 1220.