XAU/USD (a 4-hour chart)
Gold prices strengthened as disappointing Initial Jobless Claims and Durable Goods releases rose uncertainty over the timing of future rate hike
The bearish scenario prevailed the first part of the day. Gold prices met a barrier in the 1270 region which limited its further gains. Gold futures bounced from the level and moved lower, staying around 1265 ahead of the
MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market.
The pair now seems to be heading towards its immediate resistance near 1280. After breaking 1280 the level 1290 will come back to the radar.