Technical Analysis

XAU/USD likely to end down
Fri, 24 May 2019 09:58:47 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs35%33%4.5%
Shorts65%67%-2.4%
Indicator4H1D1W
MACD(12;26;9)BuySellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuySellNeutral
SAR(0.02;0.2)BuySellSell
Aggregate

On Thursday, the price for gold skyrocketed the resistance level formed by the monthly PP at the 1,287.27 mark.  

Given that the XAU/USD exchange rate is pressured by the 200-hour SMA, currently located at 1,284.88, it is likely, that some downside potential could prevail in the market, and gold could target the support level formed by a combination of the 55– and 100-hour SMAs circa 1,278.00. 

If the given support level does not hold, it is expected, that the price for gold could fall to the Fibonacci 38.20% retracement at 1,273.68. Also, note, that the rate is trading near the upper boundary of the short-term descending channel, thus, it is unlikely, that some upside potential could prevail in the market.


Back to feed

To learn more about Dukascopy Bank Forex trading platform, SWFX and other trading related information, please contact us: +41 22 799 4888

To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.