XAU/USD: technical analysis 23.12.19

Current trend

On the 4-hour chart, the XAU/USD pair keeps a positive dynamic. At the moment the price has met the resistance at the level of 1481.53. Assuming the pair’s ability to cross this level, the mark of 1484.38 can be targeted if holding long positions. There is a chance of a downward rebound, while its breakout would allow the growth to continue to 1486.76.

Alternative scenario

The pullback below 1479.13 will be a signal for a downward correction formation. In this case, the key correction target will be 1476.56 support, which coincided with the middle line of Bollinger Bands.
The downward trend will be restored after the price is set below the level of 1475.76. In this case, the next targets of sellers will be the level of 1472.76.

Technical indicators

Technical indicators maintain a buy signal.

Bollinger Bands are diverging on the background of bullish momentum.

MACD is growing in a positive zone.

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

Support and resistance

Support levels: 1479.13, 1476.56, 1472.66.
Resistance levels: 1481.13, 1484.38, 1486.76.

Trading recommendations

Short positions can be opened below the level of 1479.13 with the target at around 1476.56 and stop-loss at 1480.13.
Long positions can be opened above the level of 1481.13 with the target at around 1484.38 and stop-loss at 1482.13.

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