XAU/USD: pair grew

December 9, 2015

Current trend

Yesterday the price of gold slightly grew and the pair ended a downward correctional impulse that was formed in the beginning of the week. At the same time, traders cautiously enter the market prior to the key US Fed meeting that is due next week, when the regulator can increase interest rates that would substantially support the US Dollar. However, many experts suggest that the possible December rate hike was already incorporated in the prices.

Support and resistance

Bollinger Bands on the daily chart is moving horizontally while the price range is narrowing. MACD is growing and giving quite strong buy signal. Stochastic failed to approach the overbought zone and turned down.

The indicators recommend waiting for clearer trading signals.

Support levels: 1074.45, 1070.00, 1064.64 (18 November low), 1060.00, 1052.58, 1046.17 (3 December low).

Resistance levels: 1080.84 (local high), 1088.66 (4 December high), 1095.53, 1101.05, 1105.50, 1110.00 (beginning of November high), 1115.70.

Trading tips

Long positions can be opened after the breakout of the level of 1088.90 (with the appropriate indicators signals) with targets at 1097.80, 1103.50 and stop-loss at 1079.00. Validity – 2-3 days.

Short positions can be opened after the breakdown of the level of 1075.00 with the target at 1063.30 and stop-loss at 1080.00. Validity – 2-4 days.

Publication source
LiteForex information  LiteForex reviews

October 20, 2016
Doting on Draghi
The ECB meeting arrives today when EURUSD is testing key levels. The mid-year lows at 1.0952 is perilously close as I write, whilst the post-Brexit referendum low of 1.0913 being in the frame after that. It’s hard to see the ECB adding to its quantitative easing policy...
October 19, 2016
A bullish presence on the market
The Dollar upturn seen in the recent weeks that was influenced by the firm belief in a rate hike of December fizzles out, after Yellen’s speech and the downbeat US inflation and manufacturing data...
October 18, 2016
Is the USD in for high pressure
The Greenback advanced to a seven-month peak against multiple other major currencies on Monday. This caused traction as the US last week’s economic data had no cause for anxiety, backing the expectations of a rate hike in December...

XM Rating
HYCM Rating
FxPro Rating
Orbex Rating
Larson&Holz IT Ltd Rating
FIBO Group Rating

Beeoptions Rating
24option Rating
EZTrader Rating
Anyoption Rating
Porter Finance Rating
OptionRally Rating