XAU/USD: technical analysis

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03/20/2020

XAU/USD, H4

On the H4 chart, a lateral trend is forming. The instrument is traded within the corridor formed by the borders of Bollinger Bands; the price range is narrowed, which indicates the likely preservation of lateral dynamics in the short term. MACD histogram is in the negative zone keeping a signal for the opening of short positions. Stochastic is in the neutral zone, and the lines of the oscillator are directed upwards. The buy signal remains.

XAU/USD, D1

On the D1 chart, the downtrend is still in force, there is an upward correction. The instrument is trading near the lower border of Bollinger Bands; the indicator cloud is greatly expanded, which indicates the likely resumption of decline at the end of the correction. MACD histogram is in the negative area and rapidly increases its volumes. The signal line is about to cross the zero level from above and then a signal to open short positions will be formed.

Key levels

Resistance levels: 1520.50, 1535.00.

Support levels: 1493.30, 1481.45, 1464.45, 1450.85.

Trading tips

Long positions could be opened from the current level with target at 1535.00 and stop-loss at 1500.00 in the short term.

Short positions may be opened from the level of 1481.00 with target at 1455.00. Stop-loss – 1493.00.

Implementation time: 1-3 days.

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