XAU/USD: gold is slightly going up

Current trend

Gold prices almost failed to change as a result of yesterday’s trading after updating a local maximum on Monday. During today’s morning session the pair is showing growth again waiting for the release of new macroeconomic data from the USA. Investors continue to analyze the speech of Jerome Powell, a candidate for the position of the Fed’s head. They also hope for a vote on the US tax reform bill this week.

Along with this, further growth of the instrument in the market is prevented by expected increase of the interest rate by the Fed during its December meeting. To a certain extent, the market has already taken the growth of the rate into account when forming quotes, but there are still certain concerns, and the reaction of the market to the increase may be visible.

Support and resistance

Bollinger Bands in D1 chart show moderate growth. The price range is slightly widening from above. MACD indicator is moderately growing preserving a previous buy signal (the histogram is above the signal line). Stochastic has reversed horizontally near the level of 80.

Resistance level: 1296.52, 1300.00, 1305.65.

Support level: 1292.00, 1288.07, 1283.77, 1279.72.

 

Trading tips

Long positions may be opened after the breakout of the level of 1296.52 with targets at 1300.00 or 1305.65 and stop-loss at 1293.00. The period of implementation is 2 days.

A breakdown of the level of 1292.00 may be a signal for the beginning of corrective sales with targets at 1285.00 or 1283.77 and stop-loss at 1296.52. The period of implementation is 2-3 days.

liteforex.com
liteforex.com

Latest posts by liteforex.com (see all)

Comments

comments