XAU/USD, D1

On the D1 chart, the instrument is declining along the bottom line of Bollinger Bands; the price range is widened, which indicates a possible continuation of the downtrend. MACD histogram is in the negative area and gradually increases its volumes. Stochastic is in the oversold zone and is moving horizontally.

XAU/USD, H4

On the H4 chart, there is a correction of the downtrend, the instrument is trading near the bottom line of Bollinger Bands, the price range is expanded. MACD histogram is in the negative zone keeping a signal for opening short positions. Stochastic is in the oversold zone and is directed horizontally.

Key levels

Support levels: 1237.70, 1231.30, 1222.70, 1215.50.

Resistance levels: 1242.90, 1246.50, 1249.70, 1256.30.

Trading tips

According to technical indicators, short positions could be opened from the current level with target at 1223.00 and stop-loss at 1248.00.

Long positions may be opened from the level of 1257.00 with target at 1270.00. Stop-loss is at 1248.00.

Implementation period: 1-3 days.

Spot Gold

BuySellSpread
1222.11221.2882

Scenario

TimeframeDay's Range
RecommendationsSELL
Entry Point1242.83
Take Profit1223.00
Stop Loss1248.00
Support levels1215.50, 1222.70, 1231.30, 1237.70, 1242.90, 1246.50, 1249.70, 1256.30

Alternative scenario

RecommendationsBUY STOP
Entry Point1257.00
Take Profit1270.00
Stop Loss1248.00
Support levels1215.50, 1222.70, 1231.30, 1237.70, 1242.90, 1246.50, 1249.70, 1256.30
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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