30, June 2016

XAU/USD (a 4-hour chart)

XAU/USD (a 4-hour chart)

General overview

On Wednesday, the gold futures showed a growth when investors excluded any further rate hike of the Fed this year when London decided to leave the European Union.

Current situation

The gold was in the green zone yesterday. The price recovered and gained about 0.78%. The pair approached the resistance 1330. The resistance is at 1330, the support comes in at 1300.

MACD is in the positive area, its histogram stopped decreasing. If the histogram grows the price will follow it. If the MACD returns to a decrease, 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 close to the 2 year high on the daily chart. The price is above the Moving Averages and their direction is upwards.

Trading recommendations

The price is close to the strong resistance 1330. If the price breaks it we expect the growth to 1360.