XAU/USD managed to break the level of 1245.00 that coincides with 61,8%

January 20, 2015

Current trend
Last week, the XAU/USD managed to break the level of 1245.00 that coincides with 61,8% Fibonacci level and serves as a powerful resistance line. Afterwards, gold faced a level of 1260.00, which was broken as well. Finally, the pair traded at about 1280.00 at the end of the trading session.
Gold consolidated in a narrow range of 1273.00-1281.00 yesterday, but today it has moved beyond its limits and headed upwards.
Bulls' next target will be a level of 1300.00 but correction to a level of 1260.00 is not excluded and may be used for opening long positions. Technically, indicators are pointing to growth: all moving averages are directed upwards; MACD is in the positive zone and the signal line crosses the histogram; Stochastic both lines are directed upwards.
Support and resistance
The nearest resistance levels are at 1295.00 and 1300.00. Support lines are at 1273,00, 1266.00, 1260.00. Bears' main target is retracing below 1260.00.

Trading tips
Short positions should be opened from a level of 1300.00 and below the levels 1280.00, 1273.00. Long positions should be opened after the price has consolidated above 1300.00 and from the levels 1280.00, 1260.00.

Ilya Lashchenko,
Analyst at LiteForex Investments Limited

Publication source
LiteForex information  LiteForex reviews

October 20, 2016
Crude dips after a strong surge
On Thursday, crude prices sank on profit taking after financial markets ascended yesterday due to a draw in American stocks and a hope for an OPEC-led cut in output...
October 20, 2016
Donald Trump failed to score points in final debate; ECB under the spotlight
With 19 days remaining to the U.S. presidential election, the republican nominee Donald Trump whose poll numbers have bottomed last week failed to score points against his opponent Hilary Clinton in the third and final debate, at least this is what the Mexican currency had declared...
October 20, 2016
Oil lifts on strong drawdown
It's been a surprising day today with the crude oil markets as they continue to find themselves facing a large amount of volatility in the wake of OPEC trying to cut a deal of production rates, but also the recent figures out from the US which paint an interesting picture....

Tickmill Rating
FOREX.com Rating
Fort Financial Services Rating
OctaFX Rating
OANDA Rating
Larson&Holz IT Ltd Rating

OptionFair Rating
OptionRally Rating
Empire Option Rating
TopOption Rating
IQ Option Rating
Porter Finance Rating