28, September 2016

XAU/USD (a 4-hour chart)

General overview

 Gold prices traded lower on Tuesday as markets decided that Hillary Clinton won the first U.S. presidential debate on Monday.

Current situation

The early XAU/USD recovery stalled and the quotes got under selling pressure on Tuesday. Gold prices dropped to the level 1330 where the downward movement slowed down. The pair remained under pressure at the start of the North American session. The metal seems to be struggling with the 50-EMA to go further. The 50, 100 and 200 are moderately bullish in the 4 hours chart. The resistance is at 1340, the support comes in at 1330 dollar per ounce.

The histogram decreased which indicates the buyers’ positions weakening. RSI is within the neutral territory.

Trading recommendations

We believe the pressure will persist. A break below 1330 would open the way to 1320.