Technical Analysis

XAU/USD might go downwards
Fri, 16 Aug 2019 10:05:20 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs29%29%-1.8%
Shorts71%71%0.7%
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralSellSell
Stochastic(5;3;3)NeutralNeutralSell
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)BuyBuyBuy
Aggregate

Yesterday, the XAU/USD exchange rate tried to surpass the resistance level formed by the monthly R3 at 1,521.59. During Friday morning, the rate was testing the support of the 55– and 100-hour SMAs, located circa 1,512.00.

If the given support does not hold, it is likely, that yellow metal could depreciate against the US Dollar in the short run. However, note, that gold could gain support of the 200-hour SMA at 1,500.59. It is unlikely, that the rate could drop lower than the monthly R2 at 1,487.41.

If the given support holds, it is expected, that the price for gold could trade sideways in the nearest future. If the given resistance does not hold, the rate could target the Fibonacci 0.00% retracement at 1,535.15.


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.