XAU/USD: growth will continue

FX:XAUUSD   Gold Spot / U.S. Dollar
34 0 1
Current trend

Since the beginning of this year, the price of gold             substantially strengthened.
The price was significantly supported by a crash of the world stock markets that reduced the appetite for risk and forced investors to switch into safe-haven assets, such as gold             .
In addition, the price was supported by the weakened US Dollar             that remains under pressure due to the significantly lowered probability of further monetary policy tightening in the US this year.

Support and resistance

In the beginning of the month, the price broke out the upper border of a descending channel . In the short-term, a downward correction to the levels of 1174.50, 1153.85 is expected, after which a growth will resume.
Technical indicators suggest a growth continuation in the medium-term. MACD histogram is in the positive zone and its volumes are growing. Ichimoku point out to the growth as well.

Support levels: 1207.65, 1198.70, 1194.00, 1186.85, 1174.05, 1153.85, 1145.10.
Resistance levels: 1213.85, 1224.70, 1235.05, 1242.80, 1257.80, 1264.00.

Trading tips

Pending buy orders can be placed at the levels of 1186.85, 1153.85, 1145.10 with the target at 1300.00 and stop-loss at 1120.00.
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