XAU/USD (a 4-hour chart)
The gold futures decreased on Monday. The yellow metal is close to the 3-week lows. The dollar is supported by the upcoming Fed meeting.
The overall outlook remained the same. The XAU/USD is still under pressure. However, the gold managed to recover yesterday and gained about 0.30% during the day. The resistance is seen at 1330, the support stands at 1316.
MACD is in the negative area. The histogram decreased which indicates the sellers’ positions strengthening. Indicator RSI is in the neutral area.
The price broke the 50 and 100 EMAs downwards in the 4 hours chart. Now the price is in-between the 100-EMA and the 200-EMA. The 50 and 100 EMAs are moving downwards, the 200-EMA is neutral.
Technically, a bearish tone persists in the market. If the XAU/USD does make a breakout at that level 1310 the yellow metal will decrease to 1300.