27, June 2016

XAU/USD (a 4-hour chart)

XAU/USD (a 4-hour chart)

General overview

We guess the gold was the only instrument in the market that won out from the Brexit. The investors turned to the gold as to a safe asset; the gold futures rose by 8% to the 2-year highs.

Current situation

The gold remained in the growing channel. The quotes set a new high at 1360. The resistance is at 1330, the support is at 1300.

MACD is moving upwards in the positive area. We receive the buy signal from the indicator. If the histogram remains in the positive area the growth will be continued. RSI approached the overbought area. If the signal line gets into the area the growth will be continued. The price is above the Moving Averages and their direction is upwards.

Trading recommendations

The price can grow to the resistance level of 1330 and further to 1360. We do not exclude a correction to 1270.