XAU/USD: gold resumed fall

September 23, 2015

Current trend

On Tuesday, gold continued falling amid strengthening across the market USD. The US Dollar is growing after it fell as the Fed published its decision to keep interest rates unchanged. Nevertheless, investors hope the regulator is going to increase the rate before the end of the year.

In addition, the Chinese crisis continues influencing the movement in the pair. Today, the Caixin Flash Manufacturing PMI for September fell from 47.3 to 47.0 points, against forecasted growth to 47.5 points.

Support and resistance

Bollinger Bands on the daily chart is horizontal, while the price range remains wide. MACD, after it climbed above the zero line, now turning down again and forming a sell signal. Stochastic has left the overbought zone and falling.

The indicators recommend considering short positions.

Support levels: 1121.11 (local low), 1115.70, 1110.00, 1105.00, 1101.05, 1098.50 (11 September low).

Resistance levels: 1126.50 (local high), 1134.30, 1141.47 (18 September high), 1147.66 (1 September high), 1156.40, 1166.20, 1169.81 (24 August high).

Trading tips

Open short positions after the price consolidation below the level of 1121.11 with targets at 1117.40, 1108.70 and stop-loss at 1124.00. Validity – 1-2 days.

Long positions can be opened after the price consolidation above the level of 1126.40 with targets at 1132.30, 1141.30 and stop-loss at 1123.00. Validity – 1-2 days.

Publication source
LiteForex information  LiteForex reviews

December 7, 2016
Oil ma pull back to $40
The oil price fell for the first time in 4 days today as skepticism creeped in over some OPEC member’s commitment to keep to their end of the deal and cut production...
December 6, 2016
Shale sector tries to reap the gains of the OPEC deal
The prices extend gains after OPEC’s output cut deal brings short-term optimism. Forward market shows that the US oil producers are rushing to lock the profit, selling oil contracts for above $50 a barrel at the start of 2018...
December 5, 2016
Crisis Lite
The Italian referendum on constitutional reform saw voters reject the proposals in front of them, in a fairly decisive manner. As such, Italian PM Renzi will tender his resignation today and this became part of the issue...

OctaFX Rating
FBS Rating
Z.com Trade Rating
EXNESS Rating
FOREX.com Rating
Trade360 Rating

OptionRally Rating
OptionFair Rating
TopOption Rating
Anyoption Rating
Empire Option Rating
Banc De Binary Rating