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Main » 2016 » June » 29 » XAU / USD: Gold is forecast for today 06/29/2016
XAU / USD: Gold is forecast for today 06/29/2016



Gold futures retreated from the highs and began to decline Tuesday that was the first time in the last three sessions. Profit-taking by investors after the gold yearly highs against the backdrop of the shocking results of the referendum in the United Kingdom contributed to the reduction in the price of gold.



Current situation

Bidding for the gold yesterday took place in the "red" zone. Quotes lost about 0.48%. The market is still unstable after the referendum in the UK and gold is still in demand that supports the precious metal quotes.Resistance is located at 1330 and support - in 1300.

The MACD is in the positive zone. Histogram reduced and delivers a signal to sell. If the indicator continues to decline, the price of gold will fall. RSI Oscillator is near the overbought area. If the signal line will go into this area, the prices will resume growth. If the oscillator fall, we get a sell signal. Price is located above the moving averages (50, 100, and 200), which move in an upward direction.

Gold forecast gold rate today

Quotes of gold could resume growth in the case of the breakdown of the mark in 1330, the goal of the upward movement will be the level of 1360. The down move resumes if the price drops below support level 1300.




Source Fort Financial Services

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