XAU/USD: gold is going down
12 September 2017, 09:18
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY LIMIT |
| Entry Point | 1316.03 |
| Take Profit | 1335.00, 1343.98 |
| Stop Loss | 1305.00 |
| Key Levels | 1291.71, 1300.44, 1307.75, 1316.03, 1325.65, 1330.60, 1343.98, 1350.00, 1357.15 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1313.00 |
| Take Profit | 1300.00 |
| Stop Loss | 1325.65 |
| Key Levels | 1291.71, 1300.44, 1307.75, 1316.03, 1325.65, 1330.60, 1343.98, 1350.00, 1357.15 |
Current trend
The price for gold is considerably reducing after having reached record-setting maximums in the end of the previous trading week. The "bearish" dynamics in the instrument is explained by the decrease of demand for safe haven assets and large-scale restoration of the US currency in the whole market.
The growth of optimistic tendencies in USD was supported by the release of tension around North Korea. Moreover, the dynamics of the currency was influenced by optimistic forecasts about Irma storm.
The tendency for the weakening of risks may preserve during the current week enabling investors to focus on fundamental indicators of the US economy.
Support and resistance
Bollinger Bands in D1 chart demonstrate stable increase. The price range is actively narrowing. MACD is going down preserving a strong sell signal (being located under the signal line). Stochastic also preserves a downward tendency but is located near the border with the oversold area.
Resistance levels: 1330.60, 1343.98, 1350.00, 1357.15.
Support levels: 1325.65, 1316.03, 1307.75, 1300.44, 1291.71.
Trading tips
Long positions may be opened after a reversal around the level of 1316.03 with targets at 1335.00, 1343.98 and stop-loss at 1305.00. The period of implementation is 2-3 days.
Breaking down the level of 1313.00 may be a signal for sales with target around 1300.00 and stop-loss at 1325.65. The period of implementation is 2-3 days.
The price for gold is considerably reducing after having reached record-setting maximums in the end of the previous trading week. The "bearish" dynamics in the instrument is explained by the decrease of demand for safe haven assets and large-scale restoration of the US currency in the whole market.
The growth of optimistic tendencies in USD was supported by the release of tension around North Korea. Moreover, the dynamics of the currency was influenced by optimistic forecasts about Irma storm.
The tendency for the weakening of risks may preserve during the current week enabling investors to focus on fundamental indicators of the US economy.
Support and resistance
Bollinger Bands in D1 chart demonstrate stable increase. The price range is actively narrowing. MACD is going down preserving a strong sell signal (being located under the signal line). Stochastic also preserves a downward tendency but is located near the border with the oversold area.
Resistance levels: 1330.60, 1343.98, 1350.00, 1357.15.
Support levels: 1325.65, 1316.03, 1307.75, 1300.44, 1291.71.
Trading tips
Long positions may be opened after a reversal around the level of 1316.03 with targets at 1335.00, 1343.98 and stop-loss at 1305.00. The period of implementation is 2-3 days.
Breaking down the level of 1313.00 may be a signal for sales with target around 1300.00 and stop-loss at 1325.65. The period of implementation is 2-3 days.
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