XAU/USD, D1

On the daily chart, a correction of the upward movement is observed, the instrument has approached the upper border of Bollinger bands, the price range is widened, which reflexes a possible continuation of the upward movement. MACD histogram increases its volumes in the positive area. Stochastic is on the border with the overbought zone, the signal line of the oscillator is reversing downwards.

XAU/USD, H4

On the 4-hour chart, there is also a downward correction, the instrument is trading around the middle line of Bollinger bands, the price range is narrowing. MACD histogram is in the positive area, keeping the signal to open long positions. Stochastic is in the neutral zone, the lines of the oscillator are reversing downwards.

Key levels

Resistance levels: 1241.89, 1243.27, 1257.05, 1267.00.

The support levels are 1235.54, 1233.22, 1229.84, 1227.13, 1221.04, 1216.61, 1211.13, 1203.67, 1196.18.

Trading tips

Long positions can be opened from the current level with the targets at 1241.89, 1243.27 and stop loss 1233.22.

Short positions can be opened from the level of 1227.13 with the target at 1221.04. Stop loss is 1229.84.

Implementation period: 1–3 days.

Spot Gold

BuySellSpread
1238.791237.9782

Scenario

TimeframeDay's Range
RecommendationsBUY
Entry Point1236.75
Take Profit1241.89, 1243.27
Stop Loss1233.22
Support levels1196.18, 1203.67, 1211.13, 1216.61, 1221.04, 1227.13, 1229.84, 1233.22, 1235.54, 1241.89, 1243.27, 1257.05, 1267.00

Alternative scenario

RecommendationsSELL STOP
Entry Point1227.13
Take Profit1221.04
Stop Loss1229.84
Support levels1196.18, 1203.67, 1211.13, 1216.61, 1221.04, 1227.13, 1229.84, 1233.22, 1235.54, 1241.89, 1243.27, 1257.05, 1267.00
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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