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

September 28, 2016
Asian shares traded in green as Europe slowly plunges
US Dollar can't get out of the range of 95.00-95.50 after the FED has investors waiting for the results of Algiers meeting, where Oil officials will try to work out measures to level energy market volatility...
September 28, 2016
Sagging Fed expectations
As discussed yesterday, markets will increasingly obsess about the US election over the coming few weeks, but beneath that the economy will determine if the Fed hikes interest rates before the year is out...
September 28, 2016
Market volatility on a comeback
Financial markets may experience extreme levels of volatility in the coming weeks as the catalytic combination of sporadic oil prices, ongoing Brexit anxieties and anticipation ahead of the U.S presidential election leave investors on edge...

Grand Capital Rating
Vantage FX Rating
FIBO Group Rating
FXCM Rating
Tickmill Rating
OANDA Rating

Porter Finance Rating
24option Rating
OptionTrade Rating
Banc De Binary Rating
Anyoption Rating
Grand Option Rating