20, July 2016

XAU/USD (a 4-hour chart)

XAU/USD (a 4-hour chart)

General overview

The gold quotes remained unchanged. Investors evaluated chances for the further policy softening by the leading economies.

Current situation

The instrument found a very solid support around 1330 and traded there during the day. The resistance is seen at 1360, the support stands at 1330.

MACD is in the negative area. The histogram grew which indicates the sellers’ positions weakening. Indicator RSI is close to the oversold area.

The price is sandwiched between the 50-EMA and the 100-EMA in the 4 hours chart. The moving averages are neutral.

Trading recommendations

The side movement will be continued. The price will remain around the level of 1330.