The gold decreased as traders prefer wait

July 27, 2016

The gold decreased as traders prefer wait and see mode before the Fed’s meeting is over.

The overall outlook remained bearish. The XAU/USD was in a flat, the price moved back and forth within a sideway: 1323 – 1314. The resistance is seen at 1330, the support stands at 1316.

MACD is in the negative area. The histogram grew which indicates the sellers’ positions weakening. Indicator RSI is in the neutral area.

Technically, the 1 hour chart shows that the instrument grew and broke through the 50 and 100 EMAs, but failed to move further the 200-EMA where the price bounced downwards. The 50, 100 and 200 Day EMAs are moving downwards.

Trading recommendations

We believe the growth will be continued now. The first target is the level 1330. We do not exclude the falls to 1310.

Publication source
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