XAU/USD: technical analysis 05.12.2019

Current trend

The XAU/USD pair begins today’s trading with slight bullish bias due to correction. The resistance 1476.56 can prevent the instrument from the growing as the possibility of the downward rebound is high there. Meanwhile, the breakout and pair' sustained trading above 1476.56 will be a signal for upward trend resumption and give a prospect of growth to the area of 1480.47-1481.78 resistance.

Alternative scenario

Failure to conquer the 1476.56 mark seems fetching the NZD/USD to 1472.66 support but its further downside might be confined by the 1471.33 level. The downward trend will be restored after the price is set below the level of 1471.00. In this case, the next targets of sellers will be the level of 1468.75.

Now the technical indicators reflect the moderate developing of the current upward trend.
Bollinger Bands are pointed upwards.
MACD stabilized in the positive zone.
Stochastic is pointed upwards.

Support and resistance

Support levels: 1472.66, 1468.75, 1464.84.
Resistance levels: 1476.56, 1480.47, 1484.38.

Trading recommendations

Long positions can be opened above the level of 1476.56 with the target at around 1480.47 and stop-loss at 1475.20.

Short positions can be opened below the level of 1471.33 with the target at around 1468.75 and stop-loss at 1472.13.

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