Gold will grow towards 1290 dollar per ounce

October 6, 2016

Gold prices bounced from the 3-month low on expectations over the Fed's next monetary policy action in December.

Current situation

Gold prices remained in the red territory on Wednesday. Sellers consolidated their gains after a sharp drop on Tuesday. The yellow metal spent the day around 1270 dollar per ounce. The 50, 100 and 200 EMAs turned down in the 4 hours chart. The resistance is at 1280, the support comes in at 1270 dollar per ounce.

MACD is negative. RSI is in the oversold territory.

Trading recommendations

The level 1270 limited the further decline of the metal. A cut through here will aim at the 1260 level. If the current support rejects the price the XAU/USD will grow towards 1290 dollar per ounce.

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