US currency took control of the flows

September 2, 2016

Gold futures traded close to the 2-month lows as traders took wait and see position before the NFP report.

Current situation

The US currency took control of the flows. The gold remained under pressure on Tuesday’s trades. Sellers were able to push the price lower on Tuesday. The new session lows are marked in the 1300 region. The 50-EMA crossed the 100 and 200-EMAs in the 4 hours chart. The moving averages kept trending lower which is a sell signal. The resistance is at 1316, the support comes in at 1300 per ounce.

MACD grew which indicates the sellers’ positions weakening. RSI is heading towards the overbought territory.

Trading recommendations

Technically, a bearish tone persists in the 4 hours chart. The XAU/USD remains focused on a potential test of 1300. In case of a correction, buyers may push the price to 1316 per ounce.

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