The gold price decline stopped. The yellow metal for May lost almost 7%. The reason for reduction of quotations of gold has become a number of reasons: comments by the Fed and the minutes of the April meeting of the American regulator. A growing number of supporters as to what the rate in the US will raise at the beginning of the summer, it puts pressure on the metal.
The current situation on the XAU / USD
Gold remained under pressure since last week. Monday's gold price could test support near $ 1,200 per ounce.From 1200 the couple began corrective gains, and was able to recover some of the lost loss. Now resistance is fixed at 1215 while the support is in the area 1200. In 4hchasovom MACD chart in the negative zone. Reduced light. Histogram at its signal line. RSI oscillator signal line close to the oversold zone.
Forecast XAU / USD gold rate today
may begin to decline again Quotes of gold to 1200. If this level is not able to stop the decline, the mark of 1180 will be the next to reduce.
Source Fort Financial Services