XAU/USD (a 4-hour chart)
The dollar grew following the Yellen’s hawkish comments which weighed on the gold futures.
The XAU/USD gapped downwards and set new lows on Monday. The pair traded in red figures and stayed close to the level 1316. The instrument partly recovered in the North American session. The resistance is at 1330, the support comes in at 1316.
MACD remained in the negative area. MACD grew which indicates the sellers’ positions weakening. RSI bounced from the oversold area.
The 50-EMA is crossing downwards the 100 and 200 EMAs in the 4 hours chart. The moving averages are moving downwards which is a sell signal.
The overall outlook remains bearish, for a decrease towards 1316 support area.