XAU/USD: general overview on 11.06.2015

June 11, 2015

Current trend

XAU/USD has been growing for 3 consecutive days due to the technical correction from the March low at 1162.57. The rate is additionally supported by the general weakening of the dollar that has started at the beginning of this week. At yesterday’s close, gold rose by yet another $9.

Out of today's fundamental factors that are able to affect the XAU/USD rate, pay attention to US retail sales (15:30 GMT+3). The figure is expected to grow. 

Support and resistance

On H4 chart, MACD indicator points out to the growing purchasing activities. The MACD histogram is in the positive zone and its volumes are rapidly increasing. Bollinger bands are directed upwards signalling the continuation of the upward movement.

Resistance levels: 1192.25, 1197.00, 1204.18, 1209.00.

Support levels: 1185.35, 1180.20, 1175.00, 1169.20, 1162.34.

Trading tips

If the current trend continues, open long positions at the current price with the closest target near 1192.25. A firm breakout will open a way to the level of 1197.00. A downward movement may become possible once XAU/USD consolidates below the level of 1175.00. Sellers' target would be the local low 1162.57 from which a reversal may occur again.

Publication source
LiteForex information  LiteForex reviews

October 25, 2016
Oil rally fizzles out as OPEC efforts seen sterile
The Oil prices retreated on Monday during the Asian trading session as the investors started opting to cut bullish wagers because the doubts gathered about the inability to produce significant changes in the output freeze agreement unless the demand does not increase...
October 25, 2016
Policy divergence
The policy divergence play that is EURUSD was more stable at the early part of the week, this following on from the break below the 24th June low that has marked the major support point and especially over recent days...
October 24, 2016
A volatile week ahead
Global stocks were resilient last week Friday with major arenas clawing back gains following the upbeat corporate earnings and stabilising oil prices which revived risk appetite...

XM Rating
FIBO Group Rating
OANDA Rating
FOREX.com Rating
HotForex Rating
FXCM Rating

Grand Option Rating
365BinaryOption Rating
Banc De Binary Rating
Porter Finance Rating
EZTrader Rating
OptionFair Rating