Gold prices returned to a downside

14 December, 2016

Gold prices returned to a downside expecting the FOMC decision over the rate hike. The chances that the Fed will change its rates are high weighing on the yellow metal.

Current situation

Gold traded lower in the Asian session on Tuesday. The price reversed its direction after finding a solid barrier at 1157 post-Europe open. The price climbed above 1160 dollars per ounce reversing a minor part of its recent losses. The upward impetus lost its strength above the just broken level. The price rolled back to 1160 at the start of the NY session. The price remained below the moving averages which all pointed lower in the 4 hours chart. The resistance exists at 1170, the support stands at 1160 dollars per ounce.

MACD traded to the downside. The RSI indicator remained within oversold readings.

Trading recommendations

XAU/USD needs to regain at least the 1170 zone to ease the immediate bearish pressure. However we do not believe it is going to happen. We assume the price will break 1160 handle and will test 1150 dollars per ounce again in the short-term.

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