XAU/USD: general review


Scenario
Timeframe Intraday
Recommendation SELL STOP
Entry Point 1195.76
Take Profit 1187.76
Stop Loss 1198.00
Key Levels 1176.06, 1187.66, 1195.76, 1210.18, 1220.01, 1233.12
Alternative scenario
Recommendation BUY STOP
Entry Point 1210.20
Take Profit 1220.01
Stop Loss 1207.20
Key Levels 1176.06, 1187.66, 1195.76, 1210.18, 1220.01, 1233.12
Current trend
During yesterday's trading session, gold price fell markedly due to the rising US dollar, which draws back investors’ interest. The dollar is also supported by the growth of the American stock market, as well as yesterday's statistics on PMI Markit in the US manufacturing sector, which increased to 55.1 points in January from 54.3 points a month earlier. After the publication, the XAU/USD pair fell in the area of 1202.00. Perhaps, the current downward trend will be continued today, as the macroeconomic calendar contains no important releases. It is worth noting that in the near future the dollar will be strongly affected by the political factor. Investors pay particular attention to the actions of the new US president Donald Trump.
Support and resistance
On the 4-hour chart technical indicators point to a continuation of the current downward trend. Bollinger Bands are directed downwards. Histogram of MACD is in the positive zone, but its volume is rapidly reducing and is ready to move into negative zone.
Support levels: 1195.76, 1187.66, 1176.06.
Resistance levels: 1210.18, 1220.01, 1233.12.
Trading tips
In the current situation, short positions can be opened below the level of 1195.76, with 1187.76 level as target and stop loss at the level of 1198.00.
Positions to buy can be opened above 1210.18 level with a view to 1220.01 and stop loss at the level of 1207.20.


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