Gold prices jumped to the weekly highs

September 7, 2016

Gold futures grew on the back of disappointing U.S Non-Manufacturing PMI report. The latest negative U.S statistics reduced expectations that the Fed will raise interest rates in September.

Current situation

Gold prices jumped to the weekly highs due toВ USВ negative Services PMI. The price broke the resistance 1330 and is trending towards 1350 now. The XAU/USD moved from the 100 and 200 EMAs in the 4 hours chart. The moving averages are moving upwards. The resistance is at 1350, the support comes in at 1330 per ounce.

MACD is in the positive area. RSI entered the overbought area.

Trading recommendations

We believe that this is essentially a “buy only” market at the moment. The next buyers’ target is the level 1350.

Publication source
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