24, June 2016

XAU/USD (a 4-hour chart)

XAU/USD (a 4-hour chart)

General overview

The precious metal was trading near the two-week lows. The instrument took a wait and see position until the end of the referendum in the UK.

Current situation

The pair remained at the recently reached level staying in a flat. The XAU/USD spent the day between the marks of 1260 and 1270. The resistance is at 1280, the support is at 1260.

MACD decreased in the negative area. The histogram remained at the same place. If the histogram remains in the negative area the decline of the price will be continued. RSI approached the oversold area. If the price gets into the oversold area the decrease will be continued. The price broke the 50-SMA and stopped at 100-SMA. The Moving Averages direction is horizontal.

Trading recommendations

The price can grow to the resistance level of 1280. We do not exclude the falls to 1260.