XAU/USD: review and forecast

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Current trend

Today the price of gold             strengthened amid growing worries on the market.
Anxiety growth was caused by the situation around Deutsche Bank. In September, the US government accused the biggest German investment bank of wrongdoing with the mortgage-back securities. The US Department of Justice can fine the bank $14 billion that lead to its share prices drop of 7% at the opening of the trade. As Deutsche Bank is one of the 29 biggest banks in the world, it problems could affect all financial markets thus investors are switching their funds into safe-havens, such as gold             .

Support and resistance

The price is consolidating near the lower border of the ascending channel . Amid low trading volumes, the price is likely to reverse up towards the levels of 1330.00, 1340.00, and 1350.0.

Support levels: 1330.00, 1340.00, 1350.00.
Resistance levels: 1319.53, 1312             .00, 1306.40.

Trading tips

Short positions can be opened from the level of 1319.00 with the target at 1312             .00 and stop-loss at 1323.00.
Long positions can be opened from the level of 1330.00 with the target at 1340.00 and stop-loss at 1325.00.
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