XAU/USD: gold renews lows

November 13, 2015

Current trend

On Thursday, the price of gold fell to its 5-year lows. The Bearish trend accelerated amid macroeconomic statistics form the US than strengthened expectations of an interest rates hike on the US in December.

The number of Jobs Openings in September grew from 5.377 to 5.526 million against a forecasted fall to 5.370 million. However, the number of Initial Jobless Claims for the week remained unchanged at 276 thousands and came out worse than an anticipated fall to 270 thousands. According to forecasts of analysts, the chances of the interest rate increase in the US in December currently rose to 70%.

Support and resistance

Bollinger Bands on the daily chart is moving down while the price range is getting ready to narrow. MACD is trying to turn up forming a buy signal. Stochastic is leaving the oversold zone.

The indicators recommend considering an upward correction possibility or waiting for clearer trading signals.

Support levels: 1080.70 (local low), 1077.20, 1073.95 (local low).

Resistance levels: 1085.22 (local high), 1095.53 (9 November high), 1101.05, 1105.50, 1110.00 (5 and 6 November highs), 1115.70, 1121.11.

Trading tips

Long positions can be opened after the breakout of the level of 1088.00 with the target at 1096.00 and stop-loss at 1085.00. Validity – 1-3 days.

Short positions can be opened after the breakdown of the level of 1081.00 with the target at 1072.30 and stop-loss at 1084.00. Validity – 2-3 days.

Publication source
LiteForex information  LiteForex reviews

October 28, 2016
Greenback sticks to three-month peaks
On Friday, the Japanese yen remained close to it weakest level against the greenback for three months during Asia trade, right after a surge in American bond yields as well as the issue of economic data backing the case for growth in American interest rates strengthened the US dollar overnight...
October 28, 2016
Dollar remains king
The mounting expectations over the Federal Reserve raising US interest rates in December have inspired bullish investors to send the Dollar Index to fresh eight-month highs at 99.00...
October 28, 2016
OPEC is ready to formally seal the output
The crude oil gains as the Algerian Energy Minister Noureddine Butarfa hit the market with a statement saying that OPEC has a plan to complete the formal part of the output freeze agreement in the next meeting...

XM Rating
Larson&Holz IT Ltd Rating
FXTM Rating
Grand Capital Rating
HotForex Rating
HYCM Rating

Banc De Binary Rating
IQ Option Rating
OptionsXO Rating
TopOption Rating
Beeoptions Rating
EZTrader Rating