XAU/USD (a 4-hour chart)
Gold prices grew amid uncertainty over the timing of future Fed rate hikes.
The gold hold the upbeat tone vs. its American peer on Wednesday. The XAU/USD finally left the range and extended its gains during the European session on Wednesday. Buyers led the price from the level 1260 towards 1270 per ounce. The bullish spike faded around the immediate resistance where prices spent the rest of the day. The pair broke the 50-EMA and approached the 100-EMA which stopped its growth in the 4 hours chart. The 50-EMA is neutral, the 100 and 200 EMAs are still moving downwards. The resistance is at 1270, the support comes in at 1260 dollar per ounce.
MACD is in the positive area. MACD grew which indicates the sellers’ positions weakening. RSI is going north which confirms the current upward movement.
The overall outlook remains bullish, for rise towards 1270 resistance area. A successful break above the level will send prices towards the next resistance at 1280 dollar per ounce.