Market Review

XAU/USD: Murrey analysis

This week, gold quotes rose to the center of the Murrey trading range at the level of 1312.50 ([4/4]), but then began to correct downwards. The consolidation of the price below 1296.88 ([3/8]) will give the prospect of a decline to the levels of 1281.25 ([2/8]) and 1265.63 ([1/8]) near the lower border of the downward channel. A further decline is also confirmed by Bollinger Bands reversing down and Stochastic leaving the overbought zone. The growth of the instrument will be possible after the consolidation above the level of 1312.50 ([4/4]). In this case, the price may leave the descending channel and reach 1328.13 ([5/8]) and 1343.75 ([6/8], the upper line of Bollinger Bands). However, the growth option seems less preferable.

Support and resistance

Support levels: 1296.88, 1281.25, 1265.63.

Resistance levels: 1312.50, 1328.13, 1343.75.

Trading tips

Short positions may be opened below 1296.88 with targets at 1281.25, 1265.63 and stop loss at 1303.00.

Long positions may be opened above 1312.50 with targets at 1328.13, 1343.75 and stop loss at 1301.00.

Implementation period: 4-5 days.

Scenario

Timeframe Weekly
Recommendation SELL STOP
Entry Point 1296.88
Take Profit 1281.25, 1265.63
Stop Loss 1303.00
Key Levels 1265.63, 1281.25, 1296.88, 1312.50, 1328.13, 1343.75

Alternative scenario

Timeframe Weekly
Recommendation BUY STOP
Entry Point 1312.55
Take Profit 1328.13, 1343.75
Stop Loss 1301.00
Key Levels 1265.63, 1281.25, 1296.88, 1312.50, 1328.13, 1343.75

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