XAUUSD, H1
Gold has had weak start to the week and has broken a key support area (1191.00 and the 20 period MA) on the 1 Hour chart. It is also now a key pivot point at the 50 period MA at 1189.00, a break of this level could see 1186 and 1184.50. The higher 4hr time frame is also negative and the daily time frame remains below the 20 period MA.
The RSI and MACD are also suggesting further weakness should this 1189 area be breached and broken. The parabolic SAR turned negative earlier this morning.
Should the 50 period MA hold then expect a return to 1191 with further upside potential at 1195.
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Stuart Cowell
Senior Market Analyst
HotForex
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