XAU/USD: the price is growing
20 September 2017, 09:20
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY STOP |
| Entry Point | 1314.10 |
| Take Profit | 1334.32 |
| Stop Loss | 1304.29 |
| Key Levels | 1278.35, 1287.05, 1297.30, 1304.29, 1314.05, 1325.65, 1334.32, 1343.98 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1304.20 |
| Take Profit | 1287.05 |
| Stop Loss | 1315.00 |
| Key Levels | 1278.35, 1287.05, 1297.30, 1304.29, 1314.05, 1325.65, 1334.32, 1343.98 |
Current trend
The price of gold slightly grew as a result of trading on Tuesday, September 19, moving away from 2-week minimums in view of growth of corrective tendencies. After active sales in the beginning of the current week investor are concentrating on the release of the Fed's minutes on Wednesday putting additional pressure on USD.
The Fed is not expected to change the interest rate but is likely to keep the parameters of the quantitative easing program unchanged. Along with this, the regulator is expected to announce the program of balance reduction the volumes of which may also be of great importance.
Support and resistance
On the D1 chart Bollinger Bands are gradually reversing horizontally. The price range is starting to widen. MACD is going down preserving a stable sell signal (being located under the signal line). Stochastic has been indicating the oversold status of the instrument in the short term for a long time.
Resistance levels: 1314.05, 1325.65, 1334.32, 1343.98.
Support levels: 1304.29, 1297.30, 1287.05, 1278.35.
Trading tips
Long positions may be opened after breaking through the level of 1314.05 with target at 1334.32 and stop-loss at 1304.29. The period of implementation is 2-3 days.
Breaking down the level of 1304.29 may be a signal to opening short positions with target at 1287.05 and stop-loss at 1315.00. The period of implementation is 2-3 days.
The price of gold slightly grew as a result of trading on Tuesday, September 19, moving away from 2-week minimums in view of growth of corrective tendencies. After active sales in the beginning of the current week investor are concentrating on the release of the Fed's minutes on Wednesday putting additional pressure on USD.
The Fed is not expected to change the interest rate but is likely to keep the parameters of the quantitative easing program unchanged. Along with this, the regulator is expected to announce the program of balance reduction the volumes of which may also be of great importance.
Support and resistance
On the D1 chart Bollinger Bands are gradually reversing horizontally. The price range is starting to widen. MACD is going down preserving a stable sell signal (being located under the signal line). Stochastic has been indicating the oversold status of the instrument in the short term for a long time.
Resistance levels: 1314.05, 1325.65, 1334.32, 1343.98.
Support levels: 1304.29, 1297.30, 1287.05, 1278.35.
Trading tips
Long positions may be opened after breaking through the level of 1314.05 with target at 1334.32 and stop-loss at 1304.29. The period of implementation is 2-3 days.
Breaking down the level of 1304.29 may be a signal to opening short positions with target at 1287.05 and stop-loss at 1315.00. The period of implementation is 2-3 days.
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