The XAUUSD on the hourly time frame has been following a downtrend recently. The price failed to break the key resistance level of $1300 as bulls were rejected on 29 March. Global economic uncertainty and concerns regarding US-China Trade deal played a major role in the recent price action. The price is currently hovering around the $1290 mark, as technical indicators confirm the bearish sentiment in the precious metal. The price is well below the 200-period moving average and MACD is negative.
The hourly 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 well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the Gold. RSI (Relative Strength Index) showing values below 50 which supports the negative sentiment in the market.
In alternative scenario, first resistance level lies at $1299.77 (High of 29 March), bulls need to break this level with strong momentum in order to regain bullish sentiment.
The hourly 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 well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the Gold. RSI (Relative Strength Index) showing values below 50 which supports the negative sentiment in the market.
In alternative scenario, first resistance level lies at $1299.77 (High of 29 March), bulls need to break this level with strong momentum in order to regain bullish sentiment.