XAU/USD: technical analysis

November 30, 2015

XAU/USD, D1

On the daily chart, the pair is trading just above the lower MA of Bollinger Bands. The price remains below the EMA130, EMA65 and EMA14, all directed down. The RSI is failing to break out from the oversold zone as it tested its resistance at 32 mark two times last week. The Composite is falling towards its MA’s.

XAU/USD, H4

On the 4-hour chart, the pair is trading just above the lower MA of Bollinger Bands after it formed four closes below the line. The price remains below its MA’s, all of which are heading down. The RSI is about to leave the oversold zone and, same as the Composite, growing towards its MA’s. MA’s for both indicators suggest a weakness of the market.

Key levels

Support levels: 1054.76 (today’s opening price), 1052.58 (local lows), 1043.83 (2010 lows).

Resistance levels: 1059.43 (last week highs), 1063.45 (61.8% Fibonacci retracement for a short-term trend), 1066.55 (50% retracement).

Trading tips

Short positions can be opened below the level of 1052.58 with the target at 1044.60 and stop-loss at 1054.80. Validity – 1-2 days.

Long positions can be opened above the level of 1059.43 with the target at 1063.25 and stop-loss at 1057.52. Validity – 1-2 days.

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