XAU/USD: technical analysis 22.11.2019
On the 4-hour chart, the instrument is correcting up from the lower line of the Bollinger Bands, but the general downward trend is still maintained. If the "bulls" manage to raise the rate above the level of 1466.00 the correction can continue to the area of 1468.75-1470.00, which coincided with the middle line of Bollinger Bands. There is a chance of a downward rebound, while its breakout would allow the growth to continue to the area of 1472.65.
The downward trend will be restored after the price is set below the level of 1462.66. In this case, the next targets of sellers will be the level of 1460.94, 1457.03.
The level of 1453.13 will be a key level for the sellers in a short term period.
The technical picture is mixed.
Bollinger Bands are diverging on the background of the bearish trend.
The volumes of MACD histograms are growing in the negative zone.
Stochastic is in the oversold area and is pointed upwards, signaling the development of an upward correction.
Support and resistance
Support levels: 1462.66, 1460.94, 1457.03, 1453.13.
Resistance levels: 1466.00, 1468.75, 1472.66.
Short positions can be opened below the level of 1462.66 with the target at around 1460.94-1457.03 and stop-loss at 1463 90.
Long positions can be opened above the level of 1466.00 with the target at around 1468.75-1472.66 and stop-loss at 1464.00.