XAU/USD (a 4-hour chart)
The gold resumed its decrease. The political uncertainty, the bank crisis in Italy and the low rates in the leading economies are the main drivers for this decrease.
The pair remained close to the ascending channel lower limit. The gold futures spent the day at the level 1330. The resistance is seen at 1360, the support stands 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 upwards which confirms the growing strength of buyers.
The price broke the 50-EMA, but was stopped at the 100-EMA which rejected it upwards. The 50, 100 and 200 EMAs are turning downwards.
We are looking for the support 1316 break and then continuation of a fall with a further stop at 1300.