XAU/USD: TECHNICAL ANALYSIS 24.10.2019Published: 24 October 2019
XAU/USD shows a moderate positive dynamic. If the "bulls" manage to raise the rate above the level of 1493.53, the growth can continue to the area of 1496.21. There is a high chance of an downward rebound. Meanwhile, the breakout of this level can accelerate the pair towards 1500.00 resistance, that is the key level for the buyers in short term period.
The pullback below 1491.33 level could lead the price to the 1488.07 mark, which coincided with the middle line of Bollinger Bands. The break down of this level will be a signal for downward movement resumption and give the prospect of falling to 1484.07 level. Technical indicators mostly reflect the maintenance of the moderate upward dynamics. Bollinger Bands are diverging on the background of bullish momentum. The volumes of MACD histogram are growing in the positive zone. Stochastic is pointed downwards.
Support and resistance
Support levels: 1488.07, 1484.07, 1482.66.
Resistance levels: 1493.53, 1496.21, 1500.00.
Long positions can be opened above the level of 1493.53 with the target at around 1496.21 and stop loss at 1492.53.
Short positions can be opened below the level of 1488.07 with the target at around 1484.07 and stop loss at 1489.37.