XAU/USD: pair resumed fall

Current trend

Yesterday the price of gold significantly fell again.

The pair is under pressure amid approaching Fed meeting that will end tomorrow and when the regulator is expected to increase interest rates in the US. Markets evaluate the probability of the increase at over 80%. In addition, the pair is pressured by falling oil prices, which yesterday reached its 2008 lows.

Until the meeting is over the pair is likely to show choppy dynamics.

Support and resistance

Bollinger Bands on the daily chart is moving horizontally while the price range remains unchanged for the few weeks now. MACD is falling and giving a weak sell signal. Stochastic is also falling and approaching the oversold zone.

The indicators recommend waiting for clearer trading signals.

Support levels: 1060.00 (local low), 1052.58, 1046.17 (3 December low).

Resistance levels: 1064.64 (local high), 1070.00, 1074.45, 1080.84 (9 December high), 1088.66 (4 December high), 1093.53, 1101.05.

Trading tips

Long position can be opened after the breakout of the level of 1069.00 (with the appropriate indicators signals) with targets at 1073.80, 1077.50, 1082.00 and stop-loss at 1065.00. Validity – 2-3 days.

Short positions can be opened after the breakdown of the level of 1060.00 with targets at 1054.69, 1050.80 and stop-loss at 1064.00. Validity – 2-3 days.

Silver rises come rain or shine
Is it really risk-on today, or are the sellers just taking a breather after what must have been a very rewarding period for them? In other words, are the buyers back in numbers or are the sellers just easing off the gas?
Federal Funds Rate vs Discount Rate
In 1913 the USA government passed a law, according to which a new Federal Fund becomes an effective central financial support system. The main reason to create such a fund was the need to stop counteraction between responsible banks and set a Federal Funds rate chart...
Forex Trading Abbreviations (Full List)
A list of professional terms of any sphere is the main instrument for users. Special words help to avoid misunderstanding while working process. They economize time and make life much easier...

FIBO Group Rating
FOREX.com Rating
OANDA Rating
FxPro Rating
Vantage FX Rating
Cms Trader Rating

TopOption Rating
Dragon Options Rating
OptionTrade Rating
Binary.com Rating
99Binary Rating
OptionRally Rating