XAU/USD: technical analysis

On the H4 chart the instrument is trading near the moving average of Bollinger Bands. The indicator is reversing upwards, and the price range remains unchanged, which indicates the preservation of the uptrend. MACD histogram is corrected at the zero mark, the signal for entering the market is not formed. Stochastic has turned upwards at the border of the oversold area forming a relevant buy signal.

Key levels

Support levels: 1306.64, 1314.06, 1319.94, 1325.61, 1332.02.

Resistance levels: 1336.60, 1339.78, 1343.74, 1349.40, 1355.59, 1363.02.

Trading tips

Long positions may be opened above the level of 1339.00 with target at 1350.00 and stop-loss at 1331.50. Implementation period: 1-2 days.

Short positions may be opened from the level of 1330.60 with target at 1320.80 and stop-loss at 1335.00. Implementation period: 1-2 days.

Scenario
Timeframe Day's Range
Recommendations BUY STOP
Entry Point 1339.10
Take Profit 1350.00
Stop Loss 1331.50
Support levels 1306.64, 1314.06, 1319.94, 1325.61, 1332.02, 1336.60, 1339.78, 1343.74, 1349.40, 1355.59, 1363.02
Alternative scenario
Recommendations SELL STOP
Entry Point 1330.60
Take Profit 1320.80
Stop Loss 1335.00
Support levels 1306.64, 1314.06, 1319.94, 1325.61, 1332.02, 1336.60, 1339.78, 1343.74, 1349.40, 1355.59, 1363.02