27, September 2016

XAU/USD (a 4-hour chart)

General overview

Gold prices showed mixed trades on Monday. Traders took wait-and-see mode before Presidential debates between Hillary Clinton and Donald Trump.

Current situation

Gold prices traded mixed on Monday. The quotes stayed in a tight range between 1332 and 1340 dollar per ounce. After rolling back the price again tried to overcome 1340. However, the pair got under selling pressure on any up-move towards the mark. The 50-EMA is crossing the 100 and 200 EMAs in the 4 hours chart. The moving averages direction is upwards. The resistance is at 1340, the support comes in at 1330 dollar per ounce.

MACD is in the positive area. RSI consolidated close to the overbought area.

Trading recommendations

If the price overcomes 1340 dollar per ounce we will neutralize our medium term negative outlook. Once we break above the 1340 level, we think that the 1350 level will be next.