XAU/USD: general review
18 January 2019, 13:38
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1285.58 |
| Take Profit | 1310.00, 1320.00 |
| Stop Loss | 1269.00 |
| Key Levels | 1237.70, 1237.70, 1255.50, 1266.00, 1275.00, 1280.00, 1299.00, 1310.00, 1320.00, 1335.00, 1350.00, 1365.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY LIMIT |
| Entry Point | 1280.00, 1275.00 |
| Take Profit | 1310.00, 1320.00 |
| Stop Loss | 1269.00 |
| Key Levels | 1237.70, 1237.70, 1255.50, 1266.00, 1275.00, 1280.00, 1299.00, 1310.00, 1320.00, 1335.00, 1350.00, 1365.00 |
Current trend
In January, the price of gold moved within the narrowing side consolidation after a serious growth at the end of last year.
Today, the instrument has broken down the lower border of the channel and forms a downward impulse. The main catalyst of the movement remains the decline in USD in recent months, the technical situation, and the increased demand for the precious metal as a "safe haven".
Today, special attention should be paid to US industrial output.
Support and resistance
The current decline can be seen as a correction after significant growth. In the medium term, a further increase in the price of gold is expected within an uptrend. The instrument remains within the ascending channel, and, after a decline to the levels of 1280.00, 1275.00, a new upward wave will form to a local maximum with a high probability of testing new highs (1310.00, 1320.00, 1335.00).
Technical indicators on D1 chart confirm the growth forecast: MACD indicates the preservation of the high volume of short positions, Bollinger Bands are directed upwards.
Support levels: 1280.00, 1275.00, 1266.00, 1255.50, 1243.00, 1237.70.
Resistance levels: 1299.00, 1310.00, 1320.00, 1335.00, 1350.00, 1365.00.
Trading tips
Long positions may be opened from the current level; deferred long positions may be opened from the levels of 1280.00, 1275.00 with targets at 1310.00, 1320.00 and stop loss at 1269.00.
In January, the price of gold moved within the narrowing side consolidation after a serious growth at the end of last year.
Today, the instrument has broken down the lower border of the channel and forms a downward impulse. The main catalyst of the movement remains the decline in USD in recent months, the technical situation, and the increased demand for the precious metal as a "safe haven".
Today, special attention should be paid to US industrial output.
Support and resistance
The current decline can be seen as a correction after significant growth. In the medium term, a further increase in the price of gold is expected within an uptrend. The instrument remains within the ascending channel, and, after a decline to the levels of 1280.00, 1275.00, a new upward wave will form to a local maximum with a high probability of testing new highs (1310.00, 1320.00, 1335.00).
Technical indicators on D1 chart confirm the growth forecast: MACD indicates the preservation of the high volume of short positions, Bollinger Bands are directed upwards.
Support levels: 1280.00, 1275.00, 1266.00, 1255.50, 1243.00, 1237.70.
Resistance levels: 1299.00, 1310.00, 1320.00, 1335.00, 1350.00, 1365.00.
Trading tips
Long positions may be opened from the current level; deferred long positions may be opened from the levels of 1280.00, 1275.00 with targets at 1310.00, 1320.00 and stop loss at 1269.00.
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