Fort Financial Services - Analytics

    Fort Financial Services

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    XAU/USD (a 4-hour chart)

    XAU/USD (a 4-hour chart)

    General overview

    The gold futures continued to lose their value preparing for the long-awaited referendum in the UK.

    Current situation

    The pair started a correction. The instrument moved from 1293 and reached 1263 later the day. The resistance is at 1280, the support is at 1260.

    MACD moved into the negative area. If the histogram remains in the negative area the decline will be continued. RSI approached the oversold area. If the price gets into the area the decrease will be continued. The price broke the 50-SMA and stopped at 100-SMA. The Moving Averages are reversing.

    Trading recommendations

    The indicators suggest the sell positions. The break below 1270 would open the way to 1260 and 1250. The gold may pullback to 1280 to continue falling from it.

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