Gold futures edged higher on Tuesday

26 October, 2016

Gold futures edged higher on Tuesday, however, its gains were limited by a stronger dollar. The U.S dollar strengthened after the Fed officials’ hawkish remarks regarding a rate hike in December.

Current situation

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. The pair bounced from the 50-EMA and headed towards the 100-EMA in the 4 hours chart. The 50-EMA is neutral, the 100 and 200 EMAs slowed down their decline. The resistance is at 1270, the support comes in at 1260 dollars per ounce.

The MACD histogram grew which indicates the buyers’ strength. RSI oscillator stayed in overbought area levels, favoring a new move lower.

Trading recommendations

After breaking through the current resistance, the XAU/USD will most likely move up to around the 1280 level. Conversely, if the resistance 1270 holds a move towards 1260 dollars per ounce could be the next step.


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