XAU/USD: technical analysis
29 March 2018, 11:36
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY LIMIT |
| Entry Point | 1306.00 |
| Take Profit | 1329.00, 1340.00, 1366.00 |
| Stop Loss | 1295.00 |
| Key Levels | 1264.00, 1295.00, 1306.00, 1329.00, 1340.00, 1366.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1295.00 |
| Take Profit | 1264.00 |
| Stop Loss | 1306.00 |
| Key Levels | 1264.00, 1295.00, 1306.00, 1329.00, 1340.00, 1366.00 |
XAU/USD, D1
On the daily chart, the instrument is trading on the middle MA of the Bollinger Bands. The price remains above the EMA65, EMA130 and SMA200 that are directed up. The RSI is falling, having broken down its longer MA. The Composite is testing from above its longer MA.
XAU/USD, H4
On the 4-hour chart, the instrument is falling along the lower line of the Bollinger Bands. The price remains just below its moving averages that are horizontal. The RSI is about to retest the border of the oversold zone. The Composite is growing, having reached its critical oversold levels.
Key levels
Support levels: 1306.00 (February lows), 1295.00 (June 2017 highs), 1264.00 (October 2017 lows).
Resistance levels: 1329.00 (local highs), 1340.00 (local highs), 1366.00 (September 2017 highs).
Trading tips
The price keeps trading in a descending channel. There is a chance of an upward reverse from key support level at 1306.00.
Long positions can be opened after the price rebound from the level of 1306.00 with targets at 1329.00, 1340.00, 1366.00 and stop-loss at 1295.00.
Short positions can be opened from the level of 1295.00 with the target at 1264.00 and stop-loss at 1306.00.
On the daily chart, the instrument is trading on the middle MA of the Bollinger Bands. The price remains above the EMA65, EMA130 and SMA200 that are directed up. The RSI is falling, having broken down its longer MA. The Composite is testing from above its longer MA.
XAU/USD, H4
On the 4-hour chart, the instrument is falling along the lower line of the Bollinger Bands. The price remains just below its moving averages that are horizontal. The RSI is about to retest the border of the oversold zone. The Composite is growing, having reached its critical oversold levels.
Key levels
Support levels: 1306.00 (February lows), 1295.00 (June 2017 highs), 1264.00 (October 2017 lows).
Resistance levels: 1329.00 (local highs), 1340.00 (local highs), 1366.00 (September 2017 highs).
Trading tips
The price keeps trading in a descending channel. There is a chance of an upward reverse from key support level at 1306.00.
Long positions can be opened after the price rebound from the level of 1306.00 with targets at 1329.00, 1340.00, 1366.00 and stop-loss at 1295.00.
Short positions can be opened from the level of 1295.00 with the target at 1264.00 and stop-loss at 1306.00.
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