XAU/USD: technical analysis

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07/11/2018

XAU/USD, D1

On the daily chart, the instrument was corrected to the middle line of Bollinger bands, the trend is downward, the price range is narrowing. MACD histogram is in the negative area, keeping the signal to open short positions. Stochastic is in the neutral zone, the oscillator lines are directed downwards.

XAU/USD, H4

On the 4-hour chart, the instrument moves sideways within a narrow corridor formed by the borders of Bollinger bands. MACD histogram is around the zero line, its volumes are minimal, the signal line is ready to cross the zero line downwards, after which a sell signal will be generated. Stochastic is in the neutral zone, the oscillator lines are turning downwards.

Key Levels

Resistance levels: 1256.30, 1263.00, 1265.20.

Support levels: 1249.70, 1246.50, 1242.90, 1237.70.

 

Trading tips

Short positions can be opened from the current level with the target at 1237.70 and stop loss 1263.00.

Long positions can be opened from the level of 1266.00 with the target at 1281.70. Stop loss is 1256.30.

Implementation period: 1–3 days.

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