XAU/USD (a 4-hour chart)
Yesterday the gold futures fell the first time in three sessions as investors began taking profits after the last week rally.
The gold futures were in the red zone yesterday. The price decreased and lost about 0.48%. The market is still unstable after the Brexit referendum and the gold is still in demand that supported the metal. The resistance is at 1330, the support comes in at 1300.
MACD is in the positive area, its histogram decreased. We receive the sell signal from the indicator. If the histogram keeps decreasing, the drop of the pair will be continued. RSI remained close to the overbought area. If the signal line gets into the area the growth will be continued. In the scenario where the oscillator falls we will get a sell signal. The price is above the Moving Averages and their direction is upwards.
We are still bullish longer-term for the gold. If XAU/USD does make a breakout at that level 1330 the pair will grow to 1360. A downtrend will start as soon as the pair drops below the support level 1300.