XAU/USD (a 4-hour chart)
Gold prices recovery showed some signs of fatigue. Its inability to reclaim the 1220 barrier returned sellers to the market. The price bounced from the level and edged lower towards 1210 dollars per ounce. The upward trajectory was stopped by the 100-EMA in the 1 hour chart. Having faced rejection around the 100-EMA prices moved lower and returned below the 50-EMA in the same chart. The resistance exists at 1220, the support stands at 1210 dollars per ounce.
MACD decreased which confirms sellers’ strength. RSI moved to the oversold area.
The overall outlook remains bearish for a further decline below 1210. After breaking 1210 the level 1200 dollars per ounce will come back to the radar.