XAU/USD: technical analysis

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04/10/2019

XAU/USD, H4

On the 4-hour chart, an upward movement is being corrected, the instrument trades around the upper border of Bollinger bands, and the price range expands. The MACD histogram is in the positive area, the signal line crosses the body of the histogram upwards, forming a signal to open buy orders. Stochastic is in the neutral zone near the border with the overbought zone, the oscillator lines are reversing downwards.

XAU/USD, D1

A sideways trend has formed on the daily chart, the instrument trades within the channel formed by the borders of Bollinger bands, the price range is narrowing. The MACD histogram is in the negative area, keeping a poor signal to open short positions. Stochastic is on the border with the overbought zone, the oscillator lines are directed upwards.

Support and resistance

Resistance levels: 1305.86, 1311.64, 1319.10, 1326.47.

Support levels: 1301.65, 1298.13, 1292.72, 1285.13, 1280.75.

Trading tips

In the short term, it is better to open long positions from the level of 1306.00 with the target at 1311.00 and stop loss 1302.50. Implementation period: 1–3 days.

Short positions can be opened from the level of 1298.00 with the target at 1293.00. Stop loss is 1301.00. Implementation period: 3–5 days.

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