XAU/USD: gold fails to hold positions

November 17, 2015

Current trend

On Monday morning, the price of gold was growing, but later on it declined back to Friday’s levels. The price went up as recent news from France raised demand for safe-haven assets.

Nevertheless, the price of gold is still under pressure from expectations that the Fed may raise US interest rates at its December meeting. Moreover, Consumer Price Index for October, due today, may fuel these expectations. Thus, a more or less strong upward correction in the XAU/USD pair is unlikely to start in the short term.

Support and resistance

Bollinger Bands indicator on the daily chart continues declining, while the price range is narrowing down. MACD is turning up and forming a buy signal. Stochastic has left the oversold zone and continues growing.

It is recommended to wait for clearer trading signals.

Support levels: 1080.70, 1077.20, 1073.95 (12 November low).

Resistance levels: 1085.22, 1090.00, 1095.53, 1097.88 (16 November high), 1102.81, 1110.00, 1115.70.

Trading tips

Long positions can be opened when the price turns up at 1080.70 and breaks out the level of 1085.30 (with appropriate indicators signals) with targets at 1095.50, 1097.90 and stop-loss at 1080.00.

Short positions can be opened after the breakdown of the level of 1075.00 with the target at 1065.00 and stop-loss at 1080.00.

Publication source
LiteForex information  LiteForex reviews

October 27, 2016
Daily Technical Outlook for October 27, 2016
The Euro bounced during yesterday after reaching a major support located at 1.0850 in the weekly chart. However, the current recovery can be short-lived as long as prices continue to trade below 1.1040peak, which represents the post-ECB high...
October 27, 2016
Brexit Barometer
The Brexit vote back in June taught markets never to take anything for granted and the same holds true for the upcoming US Presidential election. A poll lead for Trump in Florida yesterday, combined with some further revelations in the daily mud-slinging...
October 26, 2016
Sterling reversal
What we saw in sterling yesterday was instructive of the dilemma that may face other central bankers before long. Carney played down expectations of a further easing in policy before the end of the year, as was strongly suggested in August when they eased policy in the wake of the Brexit referendum...

Larson&Holz IT Ltd Rating
Orbex Rating
Vantage FX Rating
FXCM Rating
OANDA Rating
Grand Capital Rating

Binary Brokerz Rating
IQ Option Rating
Empire Option Rating
Anyoption Rating
Grand Option Rating
TopOption Rating