Gold remained under pressure versus the U.S dollar

29 December, 2016

Gold remained under pressure versus the U.S dollar on Wednesday. However, trades were low volatile amid the upcoming holidays.

Current situation

Gold traded above the 1140 level on Wednesday morning. Buyers, however, failed to keep control over the market which turned negative in the European session. Sellers drove the pair downwards through 1140 and stopped at the mark 1136 dollars per ounce. The price tested the 50-EMA in the 1 hour chart. The 50 and the 100-EMAs crossed the 200-EMA upwards in the same chart. The resistance exists at 1140, the support stands at 1130 dollars per ounce.

MACD traded to the upside. The RSI indicator left the overvalued territory.

Trading recommendations

The price maintained its bearish tone in the 4 hours chart. We would be selling the XAU/USD pair only if the price stays below 1140. Then 1130 seems the next probable bearish target.

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