XAU/USD: technical analysis
18 December 2018, 10:31
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 1251.0 |
| Take Profit | 1266.0, 1277.0 |
| Stop Loss | 1239.0 |
| Key Levels | 1195.0, 1212.0, 1224.0, 1251.0, 1266.0, 1277.0 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1212.0 |
| Take Profit | 1195.0 |
| Stop Loss | 1224.0 |
| Key Levels | 1195.0, 1212.0, 1224.0, 1251.0, 1266.0, 1277.0 |
XAU/USD, D1
On the daily chart, the instrument is trading in the upper Bollinger band. The price remains just below the SMA200 and above the EMA14, EMA65 and EMA130 that start turning up. The RSI is approaching the border of the overbought zone. The Composite is testing from above its longer MA.
XAU/USD, H4
On the 4-hour chart, the instrument is trading in the upper Bollinger band. The price remains above its moving averages that are directed up. The RSI is about to test from above its longer MA. The Composite is falling, having failed its quite strong resistance.
Key levels
Support levels: 1224.0 (local lows), 1212.0 (September highs), 1195.0 (local lows).
Resistance levels: 1251.0 (local highs), 1266.0 (July highs), 1277.0 (March 2016 highs).
Trading tips
The price is testing a strong resistance near 1251.0. Its breakout would lead to a growth continuation.
Long positions can be opened from the level of 1251.0 with targets at 1266.0, 1277.0 and stop-loss at 1239.0. Validity – 3-5 days.
Short positions can be opened from the level of 1212.0 with the target at 1195.0 and stop-loss at 1224.0. Validity – 3-5 days.
On the daily chart, the instrument is trading in the upper Bollinger band. The price remains just below the SMA200 and above the EMA14, EMA65 and EMA130 that start turning up. The RSI is approaching the border of the overbought zone. The Composite is testing from above its longer MA.
XAU/USD, H4
On the 4-hour chart, the instrument is trading in the upper Bollinger band. The price remains above its moving averages that are directed up. The RSI is about to test from above its longer MA. The Composite is falling, having failed its quite strong resistance.
Key levels
Support levels: 1224.0 (local lows), 1212.0 (September highs), 1195.0 (local lows).
Resistance levels: 1251.0 (local highs), 1266.0 (July highs), 1277.0 (March 2016 highs).
Trading tips
The price is testing a strong resistance near 1251.0. Its breakout would lead to a growth continuation.
Long positions can be opened from the level of 1251.0 with targets at 1266.0, 1277.0 and stop-loss at 1239.0. Validity – 3-5 days.
Short positions can be opened from the level of 1212.0 with the target at 1195.0 and stop-loss at 1224.0. Validity – 3-5 days.
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