Gold prices slightly strengthened

October 13, 2016

Gold prices slightly strengthened on Wednesday supported by US rate hike expectations and FOMC minutes.

Current situation

The 4 hours chart for the pair presents a moderate bearish potential. The pair failed to regain the resistance level 1260 and declined towards the psychological level 1250. Gold futures moved lower amid broad based dollar strength. The 50, 100 and 200 EMAs advanced south in the 4 hours chart. The resistance is at 1260, the support comes in at 1250 dollar per ounce.

MACD remained in the negative area. MACD grew which indicates the sellers’ positions weakening. RSI indicator remained near the oversold levels.

Trading recommendations

The level 1250 remained the initial barrier and first trigger to move lower. If the pair manages to make a breakout the next target for this pair is the support level of 1240. In the event that the buyers manage to force above 1260 the XAU/USD may grow towards 1270.

Publication source
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