On Monday, futures on the precious metal showed a downward trend. Gold Trades were in the area at least 3 weeks. The pressure on the metal has got stronger dollar, which is trading near highs of 4 months, as expectations have returned to the market about what the Fed will decide in favor of raising rates this year.
The overall picture in the auction of gold remains the same. Instrument XAU / USD is still under pressure. However, gold managed to recover yesterday and has added 0.30%. Resistance is located at 1330 support - at 1316.
MACD is in the negative zone. Histogram has declined, indicating that sellers gain positions. RSI Oscillator is in the neutral zone.
The price broke through in the downward direction, the EMA 50 and 100, the EMA on the 4-hour chart. Now the price is below the 100 EMA. 50, the EMA and the 100 EMA are directed downwards, 200-EMA - neutral.
The forecast rate of gold today
Technically bearish sentiment dominated the market. If the gold price will knock level in 1310, the precious metal may fall to 1300.
Based on materials from Fort Financial Services