XAU/USD: technical analysis 09.09.2019

XAU/USD: technical analysis 09.09.2019

Current trend

XAU/USD quotes attempted to grow, but reaching 1512.48 mark moved to a decline. If the sellers manage to decline the rate below the level of 1507.81 (Murray [1/8]), the downward movement can continue to the area of 1503.15. The level of 1500.00 seem a key level for the short term sellers. There is a high chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 1494.69. Pullback and price consolidation above the level 1515.63 will let the price to grow to the area 1520.20-1523.44 (Murray [3/8]). Technical picture is mixed. Bollinger Bands are pointed downwards. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic is pointed sideways.

Support and resistance

Support levels: 1507.81, 1503.15, 1500.00.
Resistance levels: 1515.63, 1520.20, 1523.44.

Trading recommendations

Short positions can be opened below the level of 1507.81 with the target at around 1503.15-1500.00 and stop-loss 1510.00.
Long positions can be opened above the level of 1515.63 with the target at around 1520.20-1523.44 and stop-loss 1512.63.