Gold is under pressure

August 10, 2016

Gold is under pressure following the expectations for the next U.S. rate hike.

Current situation

Gold traded in a tight range on Tuesday. The price was sandwiched between 1330 – 1336. The metal partly recovered in the American session. Buyers were able to push the price to 1340. The resistance is seen at 1350, the support stands at 1330.

MACD remained in the negative area. MACD grew which indicates the sellers’ positions weakening. RSI bounced from the oversold area.

The price spiked upwards to the 50-EMA in the 4 hours chart. The 50-EMA acts as a resistance for the XAU/USD. The 50, 100 and 200 EMAs are neutral.

Trading recommendations

We expect Gold to continue growing with the target at 1350.

Publication source
Fort Financial Services information  Fort Financial Services reviews

October 26, 2016
Greenback is powered by Fed rate expectations
On Wednesday, the US dollar was backed by hopes that American interest rates will edge up by the year-end. It stood flat during Asia trade, just below a nine-month high reached overnight, while the Australian dollar earned as inflation data doused the probability of a rate drop there...
October 26, 2016
Rising rate hike odds push Dollar
The Greenback extended its rally to a nine-month high against other major peers against the rising bets of a FED tightening in December. As rumors are circling the next US leader saying that they will shift the stimulus burden from FED via changes in the fiscal policy...
October 26, 2016
Gold futures edged higher on Tuesday
The XAU/USD pair traded flat on Tuesday. The price remained between 1270 and 1260 dollars per ounce during the day. Gold prices struggled to find support around 1260. Sellers failed to break the level and the yellow metal bounced upwards and recovered to the upper boundary of the range...

XM Rating
HYCM Rating
Orbex Rating
FBS Rating
OctaFX Rating
Vantage FX Rating

Empire Option Rating
Anyoption Rating
OptionBit Rating
IQ Option Rating
Beeoptions Rating
Binary Brokerz Rating