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XAU/USD: general analysis

FX:XAUUSD   Gold / U.S. Dollar
37 0 1
Current trend

On Thursday, the XAU/USD             pair was falling, being under pressure from the Fed’s decision to increase the interest rate to 0.5 percent from 0.25 percent. Having lost more than 2500 points, the price for gold             was moving down towards its year lows, reached at the beginning of December. At present, the price has started correcting up in the area of 1054.35.

Support and resistance

On the daily chart , the pair is trading between the lower and the meddle MAs of Bollinger Bands . MA50, MA100 and MA144 are above the current price and directed down. MACD histogram is in the negative zone. The DI lines of ADX are crossing each other and directed down.

The indicators confirm a downward trend in the XAU/USD             pair.
Today, the price is likely to remain within the channel between the lower and the middle MAs of Bollinger Bands .

Support levels: 1049.85 (lower MA of Bollinger Bands ), 1049.98 (December low).
Resistance levels: 1067.73 (middle MA of Bollinger Bands ), 1084.65, 1099.14, 1120.41, 1133.94, 1165.35, 1191.93.

Trading tips

Long positions can be opened at the current level with the target at 1060.50 and stop-loss at 1051.00. Validity – 1 day.
More analytic from LiteForex:
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