XAU/USD, D1

On D1 chart the instrument is trading in the lower part of Bollinger Bands. 1281.45 mark is a significant support. The indicator is directed downwards and the price range has widened which serves as a basis for the further decline of gold quotes. MACD histogram is in the negative zone keeping a strong sell signal. Stochastic has left the oversold zone and formed a strong buy signal.

XAU/USD, H4

On H4 chart the instrument is testing the resistance level of 1294.23. Bollinger Bands reversed sideways, and the price remains limited by 1294.20-1289.00 range, which indicates the preservation of correction. MACD histogram is in the negative zone keeping the sell signal. Stochastic has reached the overbought area having formed a strong sell signal.

Key levels

Support levels: 1261.38, 1270.84, 1281.45, 1285.24, 1289.03.

Resistance levels: 1294.23, 1298.94, 1304.19, 1314.39, 1324.30, 1332.18.

Trading tips

Short positions could be opened below the level of 1285.00 with the target at 1274.00 and stop-loss at 1295.30. Implementation time: 1-3 days.

Long positions may be opened above the level of  1296.50 with the target at 1304.60 and stop-loss at 1284.40. Implementation time: 1-2 days.

Spot Gold

BuySellSpread
1199.941199.1282

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point1284.90
Take Profit1274.00
Stop Loss1295.30
Support levels1261.38, 1270.84, 1281.45, 1285.24, 1289.03, 1294.23, 1298.94, 1304.19, 1314.39, 1324.30, 1332.18

Alternative scenario

RecommendationsBUY STOP
Entry Point1296.60
Take Profit1304.60
Stop Loss1284.40
Support levels1261.38, 1270.84, 1281.45, 1285.24, 1289.03, 1294.23, 1298.94, 1304.19, 1314.39, 1324.30, 1332.18
XAU/USD: technical analysis

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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