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XAU/USD: technical analysis 14.11.2019

Current trend

XAU/USD continues to consolidate in the side channel with the borders 1461.05-1465.07. Meanwhile, the instrument has the potential to further growth. If the "bulls" manage to. raise the rate above the level of 1465.07, the growth can continue to the area of 1468.75. The area of 1468.75-1472.85 seems a strong resistance area, which can activate a downward rebound.

Alternative scenario

The rebound from 1468.75 could lead the price back to 1460.30 support. The downward trend will be restored after the price is set below the level of 1459.00, which is the middle line of Bollinger Bands. In this case, the next targets of sellers will be the level of 1453.13.
Now the technical indicators reflect the developing of the current upward trend. Bollinger Bands are diverging on the background of bullish momentum.
Stochastic is directed upwards.
MACD volumes are decreasing in the negative zone.

Support and resistance

Support levels: 1460.30, 1453.13, 1445.33.
Resistance levels: 1465.07, 1468.75, 1472.85, 1476.56.

Trading recommendations

Short positions can be opened below the level of 1460.30 with the target at around 1453.13 and stop-loss at 1463.00.
Long positions can be opened above the level of 1468.75 with the target at around 1472.85 and stop-loss at 1467.45.

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