Quotes of the precious metal rose on Monday, pullback from lows for more than 2 weeks. Uncertainty and expectation of US Fed meeting results allow gold futures to hold the position.
Current situation
Gold prices tried to overcome the level of 1316, but the attempt was unsuccessful. Prices rebounded from this level, and continued trading slightly lower. Moving averages continued to decline. Resistance is located at 1316 support - 1,300 per ounce.
MACD rose, indicating a weakening of the position of sellers. RSI rebounded from oversold area.
Forecast for today gold
The area where the level of 1316 and 50 EMA limiting further growth of gold prices. An uptrend will start, if the pair will rise above this area. Elevation 1325 performs the following Target shoppers. If the pressure on the tool continues, prices will drop to the area in 1300.
Based on materials from Fort Financial Services
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