XAU/USD: technical analysis
06 December 2018, 11:33
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY |
| Entry Point | 1236.75 |
| Take Profit | 1241.89, 1243.27 |
| Stop Loss | 1233.22 |
| Key Levels | 1196.18, 1203.67, 1211.13, 1216.61, 1221.04, 1227.13, 1229.84, 1233.22, 1235.54, 1241.89, 1243.27, 1257.05, 1267.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1227.13 |
| Take Profit | 1221.04 |
| Stop Loss | 1229.84 |
| Key Levels | 1196.18, 1203.67, 1211.13, 1216.61, 1221.04, 1227.13, 1229.84, 1233.22, 1235.54, 1241.89, 1243.27, 1257.05, 1267.00 |
XAU/USD, D1
On the daily chart, a correction of the upward movement is observed, the instrument has approached the upper border of Bollinger bands, the price range is widened, which reflexes a possible continuation of the upward movement. MACD histogram increases its volumes in the positive area. Stochastic is on the border with the overbought zone, the signal line of the oscillator is reversing downwards.
XAU/USD, H4
On the 4-hour chart, there is also a downward correction, the instrument is trading around the middle line of Bollinger bands, the price range is narrowing. MACD histogram is in the positive area, keeping the signal to open long positions. Stochastic is in the neutral zone, the lines of the oscillator are reversing downwards.
Key levels
Resistance levels: 1241.89, 1243.27, 1257.05, 1267.00.
The support levels are 1235.54, 1233.22, 1229.84, 1227.13, 1221.04, 1216.61, 1211.13, 1203.67, 1196.18.
Trading tips
Long positions can be opened from the current level with the targets at 1241.89, 1243.27 and stop loss 1233.22.
Short positions can be opened from the level of 1227.13 with the target at 1221.04. Stop loss is 1229.84.
Implementation period: 1–3 days.
On the daily chart, a correction of the upward movement is observed, the instrument has approached the upper border of Bollinger bands, the price range is widened, which reflexes a possible continuation of the upward movement. MACD histogram increases its volumes in the positive area. Stochastic is on the border with the overbought zone, the signal line of the oscillator is reversing downwards.
XAU/USD, H4
On the 4-hour chart, there is also a downward correction, the instrument is trading around the middle line of Bollinger bands, the price range is narrowing. MACD histogram is in the positive area, keeping the signal to open long positions. Stochastic is in the neutral zone, the lines of the oscillator are reversing downwards.
Key levels
Resistance levels: 1241.89, 1243.27, 1257.05, 1267.00.
The support levels are 1235.54, 1233.22, 1229.84, 1227.13, 1221.04, 1216.61, 1211.13, 1203.67, 1196.18.
Trading tips
Long positions can be opened from the current level with the targets at 1241.89, 1243.27 and stop loss 1233.22.
Short positions can be opened from the level of 1227.13 with the target at 1221.04. Stop loss is 1229.84.
Implementation period: 1–3 days.
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