LiteForex_Official

XAU/USD: general review

FX:XAUUSD   Gold/U.S. Dollar
66 0 2
Current trend

Yesterday the pair was trading in the range 1076.43-1069.34 and closed at opening levels, but today managed to overcome the support level at 1072.23 and falling.

Today data on Retail Sales is due in the US. According to forecasts, the index will grow by 0.2%, which if confirmed will pressure the XAU/USD             pair.

Support and resistance

On the daily chart , the pair is trading between the middle and bottom MA’s of Bollinger Bands . Moving averages with 50, 100 and 144 periods remain above the price and directed down indicating a downward trend. MACD histogram is in the negative zone suggesting a fall. ADX also signals the decline as DI lines cross each other, while the ADX line is moving down.

Support levels: 1055.87 (lower MA of Bollinger Bands ), 1053.21, 1046.57 (last week low).
Resistance levels: 1072.23 (middle MA of Bollinger Bands ), 1086.41 (this week high), 1096.71, 1105.84, 1125.28, 1138.12.

Trading tips

Short positions can be opened from current prices with the target at 1055.87 and stop-loss at 1072.23.
Long positions can be opened after the price consolidation above the level of 1072.23 with the target at 1086.41 and stop-loss at 1067.00.
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