XAU/USD: technical analysis 15.05.2019
XAU/USD is in the stage of downward correction after raisung to the level of 1303.26. The first target of the correction is the level of 1292.00, which corresponds to the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of level 1289.06 (Murray [6/8]). Alternatively, breakout of 1296.88 can accelerate the XAU/USD pair towards 1300.78 (Murray [+1/8]). Meanwhile, any attempted recovery seems more likely to get sold into aggressively near the 1300.78-1304.69 (Murray [+2/8]) region. Technical indicators reflect the maintenance of the upward potential. Bollinger Bands and Stochastic are pointed upwards. MACD volumes are slowly decreasing in the positive zone.
Support and resistance
Support levels: 1292.97, 1289.06, 1285.16, 1281.25.
Resistance levels: 1296.88, 1300.78, 1304.69.
Short positions can be opened below the level of 1292.00 with the target at around 1289.06 and stop-loss 1293.00.
Long positions can be opened above the level of 1296.88 with the target at around 1300.78 and stop-loss 1296.00.