XAU/USD: technical analysis 13.12.19

Current trend

XAU/USD quotes attempted to grow, but reaching 1469.89 resistance moved to a decline. The first support is located on the 1464.84 level. Assuming
the pair’s ability to cross this mark, the level of 1462.15-1460.94 can be targeted if holding short positions.

Alternative scenario

The pullback above 1468.75 and the pair’s sustained trading above it will be a signal for upward trend formation and give a prospect of growth to 1472.66 resistance. This level can prevent the instrument from growing, as the possibility of the reverse of the price is high there. Meanwhile, the breakout of 1473.00 can accelerate the pair towards 1476.56 resistance.

Technical indicators

The technical picture is mixed.

Bollinger Bands are pointed sideways.

MACD volumes are decreasing in the positive zone.

Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 1464.84, 1460.94, 1457.03.
Resistance levels: 1468.75, 1472.66, 1476.56.

Trading recommendations

Short positions can be opened below the level of 1464.84 with the target at around 1460.94 and stop-loss at 1466.10.
Long positions can be opened above the level of 1469.00 with the target at around 1472.66 and stop-loss at 1467.80.

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