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

20 January, 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

S&P500: Bearish sentiments are strong in the market

US stock indices went up on Wednesday after the release of the minutes of the US Fed meeting in January, which was devoted to the US monetary policy. Dow Jones Industrial Average rose by 1.6%, Nasdaq Composite - by 2.2%.

Weekly review for February 15-19, 2016

Past week was marked by a two-day speech of Janet Yellen, the head of the US Fed. Mrs. Yellen did not give a straightforward answer regarding the interest rate increase at the US Fed meeting in March...

XAU/USD: gold is growing on February 12, 2016

On Thursday, the price of gold strengthened by 4% and reached its year highs. The price has been growing amid an increase in demand for safe-haven assets, such as gold and the Yen...


Brent: oil reserves and oil prices have reduced

Yesterday, US Ministry of Energy announced about unexpected decline of oil and oil products reserves by 754 million barrels over the last week. Spot-price of crude oil Brent has grown over 31.80 USD per barrel...

Yen has broken down and consolidated below support level

Over the past 2 weeks the Yen has significantly strengthened its positions against the USD due to the increasing demand for the safe-haven currency. Mixed macro-economic data on the US economy has decreased a chance that the US Fed will tighten monetary policy...

EUR/USD has grown against the USD breaking down strong resistance level

The currency pair is traded at the strong level of 1.0960 –1.1060. In case of maintenance and testing of the level and respective confirmation (for example, a pattern Price Action), we recommend to open long positions. Stop order can be placed below the signal line...


EUR/USD review of the week: USD fell against the major currencies

Despite that fact that the data on Non-FarmPayRolls was below the forecast (151 000 against the forecast of 190 000 and 262 000 new jobs in December), the USD has grown against the major currencies. The rise was caused by the other data on the US labor market in January...

Brent: completion increases on February 05, 2016

While market participants are waiting for the release of NFPR (Non-Farm PayRolls), oil prices are gradually declining since the opening of the trading day and at the beginning of the European session...

Brent: will oil market swing back to pessimism?

API (American Petroleum Institute) report, released this Tuesday, showed that last week US oil stocks rose by 3.8 million barrels. Obviously, it was a bad news for oil prices, as heavy stocks of oil in the USA creates situation when supply outruns demand in the world market...

  


Share: