The XAUUSD on the 4-hour time frame has been following a downtrend. The price dipped below the key level of $1450 on 11 November to reach the lowest level of the period under study at $1448.327. Bears are pushing the price lower as key technical indicators are supporting the bearish trend. As of writing, the price is hovering around $1452.600 with negative MACD and price below 200-period simple moving average.
The 4-hour chart of the XAUUSD confirms the negative sentiment in the price movement as the commodity is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the commodity. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
An alternative scenario, key resistance level lies at $1518.307. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the XAUUSD confirms the negative sentiment in the price movement as the commodity is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the commodity. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
An alternative scenario, key resistance level lies at $1518.307. Bulls must break this level in order to regain bullish sentiment in the market.