XAU/USD, D1

On D1 chart, the pair was corrected to the moving average of Bollinger Bands. The indicator is directed downwards and the price range has reduced, which indicates the change of the downtrend. MACD histogram is in the positive zone keeping the buy signal. Stochastic does not give clear signal for entering the market.

XAU/USD, H4

On the H4 chart, the instrument is testing the bottom line of Bollinger Bands, which is a key support level. The indicator is directed horizontally and the price range is limited, which indicates further downward correction. MACD histogram is consolidating at the zero level and the signal opening positions is not formed. Stochastic has entered the oversold area; a buy signal can be generated during the day.

Support and resistance

Resistance levels: 1229.62, 1235.05, 1238.86, 1243.28, 1249.48, 1257.49.

Support levels: 1223.36, 1217.66, 1212.76, 1209.23, 1204.33.

Trading tips

Short positions may be opened below 1221.75 with target at 1217.25 and stop loss at 1224.30.

Long positions may be opened above the level of 1230.00 with target at 1239.50 and stop loss at 1227.00.

Implementation period: 1-2 days.

Spot Gold

BuySellSpread
1215.81215.2357

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point1221.70
Take Profit1217.25
Stop Loss1224.30
Support levels1204.33, 1209.23, 1212.76, 1217.66, 1223.36, 1229.62, 1235.05, 1238.86, 1243.28, 1249.48, 1257.49

Alternative scenario

RecommendationsBUY STOP
Entry Point1230.10
Take Profit1239.50
Stop Loss1227.00
Support levels1204.33, 1209.23, 1212.76, 1217.66, 1223.36, 1229.62, 1235.05, 1238.86, 1243.28, 1249.48, 1257.49
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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