XAU/USD: TECHNICAL ANALYSIS 11.11.2019
XAU/USD is in the stage of upward correction after falling to the level of 1456.10. The first target of the correction is the level of 1468.75-1469.63. This area’s an important line of resistance to watch in the short term period. There is a chance of a downward rebound, while its breakout would allow the growth to continue to the area 1472.85-1476.56.
The pullback below 1460.940 and a sustained move below 1456.10 will be a signal for downward trend resumption. In this case, the next targets of sellers will be the level of 1453.13-1450.00.
The technical picture is mixed. Bollinger Bands are pointed downwards. MACD volumes are stabilized in the negative zone. Stochastic is directed upwards, signaling the development of an upward correction.
Support and resistance
Support levels: 1460.94, 1456.10, 1453.13, 1450.00.
Resistance levels: 1463.41, 1468.75, 1472.85, 1476.56.
Short positions can be opened below the level of 1456.10 with the target at around 1453.13-1450.00 and stop-loss at 1458.10.
Long positions can be opened above the level of 1463.41 with the target at around 1468.75 and stop-loss at 1461.70.