XAU/USD: technical analysis 09.10.2019
XAU/USD quotes attempted to grow, but reaching 1509.34 mark moved to a downward correction. The instrument has the potential to further correction to the level of 1501.88, which coincided with 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 1497.76. The upward trend will be restored after the price is set above the level of 1510.00. In this case, the next targets of buyers will be the level of 1515.63 (Murray [5/8])-1519.50.
The technical picture is mixed. Bollinger Bands are pointed sideways, reflecting the relative calmness of the market. MACD is slowly growing in the positive zone. Stochastic is pointed sideways.
Support and resistance
Support levels: 1501.88, 1497.76, 1492.19.
Resistance levels: 1509.34, 1515.63, 1519.50.
Short positions can be opened below the level of 1501.88 with the target at around 1497.76 and stop-loss 1503.10.
Long positions can be opened above the level of 1510.00 with the target at around 1515.63 and stop-loss 1507.70.