XAU/USD: technical analysis
28 May 2018, 11:02
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 1292.00 |
| Take Profit | 1284.00, 1265.00 |
| Stop Loss | 1301.00 |
| Key Levels | 1265.00, 1284.00, 1292.00, 1307.00, 1325.00, 1332.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1307.00 |
| Take Profit | 1325.00, 1332.00 |
| Stop Loss | 1299.00 |
| Key Levels | 1265.00, 1284.00, 1292.00, 1307.00, 1325.00, 1332.00 |
XAU/USD, D1
On the daily chart, the instrument is trading in the lower Bollinger band. The price remains just below its moving averages that start turning down. The RSI is turning down towards the border of the oversold zone, having failed its longer MA. The Composite is growing, having broken out its longer MA.
XAU/USD, H4
On the 4-hour chart, the instrument is trading just below the middle MA of the Bollinger Bands. The price remains below its moving averages that are directed down. The RSI is testing from above its longer MA. The Composite is approaching its strong support.
Key levels
Support levels: 1292.0 (local lows), 1284.0 (local lows), 1265.0 (October 2017 lows).
Resistance levels: 1307.0 (March lows), 1325.0 (local highs), 1332.0 (local highs).
Trading tips
The price has retested its strong resistance near 1307.00. The fall could continue.
Short positions can be opened from the level of 1292.00 with targets at 1284.00, 1265.00 and stop-loss at 1301.00. Validity – 3-5 days.
Long positions can be opened from the level of 1307.00 with targets at 1325.00, 1332.00 and stop-loss at 1299.00. Validity – 3-5 days.
On the daily chart, the instrument is trading in the lower Bollinger band. The price remains just below its moving averages that start turning down. The RSI is turning down towards the border of the oversold zone, having failed its longer MA. The Composite is growing, having broken out its longer MA.
XAU/USD, H4
On the 4-hour chart, the instrument is trading just below the middle MA of the Bollinger Bands. The price remains below its moving averages that are directed down. The RSI is testing from above its longer MA. The Composite is approaching its strong support.
Key levels
Support levels: 1292.0 (local lows), 1284.0 (local lows), 1265.0 (October 2017 lows).
Resistance levels: 1307.0 (March lows), 1325.0 (local highs), 1332.0 (local highs).
Trading tips
The price has retested its strong resistance near 1307.00. The fall could continue.
Short positions can be opened from the level of 1292.00 with targets at 1284.00, 1265.00 and stop-loss at 1301.00. Validity – 3-5 days.
Long positions can be opened from the level of 1307.00 with targets at 1325.00, 1332.00 and stop-loss at 1299.00. Validity – 3-5 days.
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