XAU/USD (a 4-hour chart)
Gold prices showed a limited growth amid dollar broad base retracement.
Gold prices remained in the red despite Friday’s recovery. Gold grew above the U.S. dollar on Friday. The price climbed from 1170 to 1190 where the upward impetus faded. The price moved below the level 1190 and stayed there during the European hours. The yellow metal faced a downward pressure in the NY session. The 1 hour chart showed that the price struggled with a bearish 50-EMA and lost the game. The 50-EMA rejected the price which bounced downwards. The moving averages kept heading lower. The resistance exists at 1190, the support stands at 1180 dollars per ounce.
MACD slightly grew which indicates the sellers’ positions weakening. RSI indicator was near undervalued territory.
We expect a new move lower towards 1170.