XAU/USD: technical analysis

FX:XAUUSD   Gold Spot / U.S. Dollar
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On the daily chart , the price remains below its moving averages with periods 10, 20 and 50 that are directed down, which indicates a downward movement in the pair. MACD’s histogram is in the negative zone that also indicates a fall. ADX also suggest decline as the DI lines are heading down and ADX is falling.


On the 4-hour chart, the pair is trading near the middle MA of Bollinger Bands , which is directed horizontally. The price remains below its MA10, MA20 and MA50, directed sideways. ADX turned down as it reached the level of 46.30, the DI lines are heading towards each other. MACD is at the zero line.

Key levels

Support levels: 1065.85 (local low), 1064.63 (last week low).
Resistance levels: 1075.27 (middle MA of Bollinger Bands on the 4-hour chart), 1080.00, 1081.25 (this week high), 1087.99 (last week high).

Trading tips

Short positions can be opened from current prices with the target at 1066.67 and stop-loss at 1075.27.
Long positions can be opened from the level of 1076.50 with the target at 1087.00 and stop-loss at 1072.70.
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