XAU/USD trades below 1,220 mark

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 50% 53% -6.00%
Shorts 50% 47% 6.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Neutral
Alligator (13; 8; 5) Neutral Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

The metal continues to trade in the borders of the previously established channel up pattern. As it can be observed on the hourly chart, the commodity price recently found support in the combination of the lower trend line of the mentioned channel and the 100-hour SMA at the 1,216 mark. Since then both the support levels have moved upwards in tandem, and they might force the commodity price even higher. However, the metal will face the combined resistance of the 55 and 200-hour SMAs below the 1,220 mark and the monthly S1 at the 1,220.50 level. Although, in the recent history the SMAs have not shown enough force to change the direction of the metal.

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