The US dollar strengthened on signals chairman of the Federal Reserve of America about the likely rate rise in the short term. Increased demand for the American currency helped to reduce the gold to a minimum of 5 weeks.
The pair XAU / USD gapped down on Monday and set a new low. The pair has traded in the "red" zone, and remained near the level of 1316. The tool is partially recovered in the US session. Resistance is located at 1330 support - at 1316.
MACD is in the negative zone. Histogram increased, indicating attenuation sellers positions. Oscillator RSI rebounded from oversold area.
50 EMA crossed the 100 EMA and the 200 EMA in the downward direction on the 4-hour chart. The moving averages are pointing down, which is a signal to sell.
Gold Forecast August 30
Sentiment remains bearish and can be expected to decline to the support level of 1316.
Forex Forecast of Fort Financial Services