XAU/USD: general analysis
Current trend
Gold has been falling against the USD during the last five weeks. During the trading session on Friday the pair was at the level of 1176.70 — close to the year minimum reached in March. The market is under pressure due to USD growing in anticipation of the possible FRS interest rate increase on December, 14. The stable growth of the American stock market which became more attractive to the investors, also pressures the gold.
Key levels
On the daily chart the pair is lowering towards the lower border of the Bollinger Bands. The MACD histogram is in negative zone, its volumes are the same on the level of -23.640. Stochastic is in neutral zone, lines are pointed downwards, if it crosses the border of the oversold area, the sell signal will appear.
Support levels: 1147.30, 1130.75.
Resistance levels: 1176.30, 1187.70, 1229.70.
Trading tips
It’s recommended to open short positions from the current level 1155.00 with the target at 1147.00 and stop loss at 1160.00.
It’s recommended to open long positions from the level of 1177.00 with the target at 1187.00 and stop loss at 1172.00.