XAU/USD (a 4-hour chart)
Gold prices remained unmoved on Monday, trading around 4-month lows. A stronger dollar limits the further gold recovery.
Gold prices traded flat on Monday. The last week trading range remained intact. The XAU/USD pair made an attempt to recover in the Asian session on Monday. However, the upward momentum stopped and the price decreased and erased its recent gains. The yellow metal spent the European session at the lower end of the trading range. Gold futures remained in-between the 50 and 100 EMAs in the 1 hour chart. The moving averages extended their bearish slope. The resistance is at 1260, the support comes in at 1250 dollar per ounce.
MACD remained in the negative area. MACD grew which indicates the sellers’ positions weakening. The RSI remained close to the oversold levels.
The neutral phase will remain intact in the nearest time. The yellow metal will move between levels 1260 and 1250. We think the price will grow towards 1260 first.