Market Review

XAU/USD: technical analysis

XAU/USD, H4

On the H4 chart, the instrument corrected to the center line of Bollinger Bands, the uptrend is still in force. MACD histogram is in the positive area keeping a signal for the opening of long positions. Stochastic is in the neutral zone, and the lines of the oscillator are directed downwards.

XAU/USD, D1

On the D1 chart, there is a correction of the upward movement; the pair is trading in the area of the upper line of Bollinger Bands. MACD histogram is near the zero level, and its volumes are minimal. Stochastic is in the neutral zone on the border with the overbought zone, the signal line is horizontal.

Key levels

Resistance levels: 1301.22, 1303.43, 1310.72, 1324.80.

Support levels: 1293.18, 1291.64, 1288.66, 1281.94, 1279.29, 1273.00, 1268.61, 1266.29.

Trading tips

According to the technical indicators, the uptrend is still relevant. Long positions could be opened from the current level with target at 1303.40 and stop loss at 1293.20 in the short term.

Short positions may be opened from the level of 1291.50 with target at 1282.00. Stop loss – 1295.00.

Implementation time: 1-3 days.

Scenario

Timeframe Intraday
Recommendation BUY
Entry Point 1296.75
Take Profit 1303.40
Stop Loss 1293.20
Key Levels 1266.29, 1268.61, 1273.00, 1279.29, 1281.94, 1288.66, 1291.64, 1293.18, 1301.22, 1303.43, 1310.72, 1324.80

Alternative scenario

Timeframe Intraday
Recommendation SELL STOP
Entry Point 1291.50
Take Profit 1282.00
Stop Loss 1295.00
Key Levels 1266.29, 1268.61, 1273.00, 1279.29, 1281.94, 1288.66, 1291.64, 1293.18, 1301.22, 1303.43, 1310.72, 1324.80

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