XAU/USD points to recovery

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 48% 47% 2.08%
Shorts 52% 53% -1.92%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Neutral Neutral Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

Gold remained stable against the Greenback during the most session on Monday, as it was restricted by the 55-hour SMA from below. This lack of movement changed when the pair fell 0.42% and consequently dashed through the 55-, 100– and 200-hour SMAs. 

Technical indicators are located in the oversold territory; thus, a recovery is expected in this session. Upside potential, however, is likely to be limited due to the aforementioned SMAs being located in the 1,314.00/1,320.00 area. The 38.20% Fibo retracement and a five-week trend-line are also situated nearby. 

If looking at downside potential, the yellow metal has no support until the senior channel and the 50.0% Fibo at 1,310.00. Thus, the pair might fall considerably if the junior channel at 1,310.00 is breached.

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