XAU/USD: technical analysis 14.06.2019
On the 4-hour chart, the instrument is growing along the upper line of the Bollinger Bands. The lack of long-term corrections reflects the strength of the current trend. Now the price trying to consolidate above the strong resistance level of 1343.75 (Murray [8/8]). If the current trend maintains, the next targets of buyers will be the level of 1351.56 (Murray [+1/8]). If the “bears” manage to decline the rate below the level of 1343.75, the correction can continue to the area of 1335.94 (Murray [7/8]). Technical indicators reflect the maintenance of the current upward dynamics. Bollinger Bands are diverging. MACD is actively growing in the positive zone. Stochastic is in overbought zone and is pointed sideways.
Support and resistance
Support levels: 1343.75, 1335.94, 1328.13.
Resistance levels: 1351.56, 1359.38, 1365.27.
Long positions can be opened above the level of 1347.83 with the target at around 1351.56 and stop-loss 1350.20.
Short positions can be opened below the level of 1343.00 with the target at around 1335.94 and stop-loss 1345.00.