Scenario

Timeframe - Intraday

Recommendation - SELL STOP

Entry Point - 1255.85

Take Profit - 1235.50

Stop Loss - 1265.45

Key Levels - 1048.65, 1185.70, 1205.00, 1235.50, 1255.85, 1297.50, 1315.80

Alternative scenario

Recommendation - BUY STOP

Entry Point - 1298.00

Take Profit - 1315.80

Stop Loss - 1290.50

Key Levels - 1048.65, 1185.70, 1205.00, 1235.50, 1255.85, 1297.50, 1315.80

XAU/USD, D1

On the daily chart the pair is going down, moving towards the middle line of the Bollinger bands indicator. The price is above the moving average lines EMA 50, EMA 100 and EMA 144, which are directed upwards. MACD histogram is in the positive zone; its volumes are gradually decreasing, approaching zero. Stochastic has entered oversold zone and its lines are directed downwards.

XAU/USD, H4

On 4-hour chart the pair is traded between the middle and lower lines of Bollinger bans indicator. The price is below the moving average EMA50, moving sideways, and above EMA100 and EMA 144. MACD histogram is in the negative zone, maintaining the volume at the level of -5.550. Stochastic is in the neutral zone, its lines are directed upwards.

Key levels

Support levels: 1255.85, 1235.50, 1205.00, 1185.70, 1113.65 and 1048.65.

Resistance levels: 1297.50 and 1315.80.

Trading tips

It is recommended to open short positions from the level of 1255.85 with the target of 1235.50 and stop-loss of 1265.45. Forecast is valid for 3-5 days.

Long positions can be opened from the level of 1298.00 with the target of 1315.80 and stop-loss at 1290.50. Forecast is valid for 2-3 days.