Gold futures grew to the one-week high

September 22, 2016

Gold futures grew to the one-week high when the BoJ announced new monetary policy measures.

Current situation

The XAU/USD retreated from the weekly low in the Asian session. The price rallied and was able to break the level 1320 dollar per ounce. The pair now seems to be heading towards its immediate resistance at 1330. The yellow metal broke the 50, 100 and 200 EMAs upwards in the 4 hours chart. The moving averages are turning upwards. The resistance is at 1330, the support comes in at 1320 dollar per ounce.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI is approaching the overbought territory.

Trading recommendations

If the price overcomes 1330 we will neutralize our medium term negative outlook. Buyers may push the price towards the mark 1335. Alternatively, the XAU/USD falls below 1320 dollar per ounce.

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