XAU/USD, D1

On the D1 chart, the downtrend is still in force, the instrument adjusted to the midline of Bollinger Bands. MACD histogram is in the negative zone keeping a signal for the opening of short positions. Stochastic is in the neutral zone, moving towards the border with the oversold zone; the oscillator lines are pointing downward.

XAU/USD, H4

On the H4 chart, there is a correction of the downward movement, and the instrument demonstrates side movement within the corridor formed by the middle and lower lines of Bollinger Bands. MACD histogram is in the negative zone, the signal line is crossing the zero line and the body of the histogram from above, forming a signal to open short positions. Stochastic is in the neutral zone, and the lines of the oscillator are reversing upwards.

Key levels

Support levels: 1189.58, 1182.88, 1177.02, 1169.21, 1160.27.

Resistance levels: 1198.51, 1203.53, 1208.56, 1214.14, 1217.21.

Trading tips

According to technical indicators, the downtrend is still relevant, so, in the short term, it is preferable to open short positions from the level of 1189.50 with the target at 1183.00 and stop loss at 1193.50. Implementation time: 1-3 days.

Long positions may be opened from the level of 1204.00 with the target at 1214.00 and stop loss at 1200.00. Implementation time: 3-5 days.

Spot Gold

BuySellSpread
1224.191223.6158

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point1189.50
Take Profit1183.00
Stop Loss1193.50
Support levels1160.27, 1169.21, 1177.02, 1182.88, 1189.58, 1198.51, 1203.53, 1208.56, 1214.14, 1217.21

Alternative scenario

RecommendationsBUY STOP
Entry Point1204.00
Take Profit1214.00
Stop Loss1200.00
Support levels1160.27, 1169.21, 1177.02, 1182.88, 1189.58, 1198.51, 1203.53, 1208.56, 1214.14, 1217.21
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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