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XAU/USD: technical analysis 27.09.2019

Current trend

The XAU/USD pair begins today’s trading with slight bullish bias. At the moment the price has met the resistance at the level of 1507.81 (Murray [3/8]). Assuming the pair’s ability to cross 1507.81 mark, the level of 1512.27 can be targeted if holding long positions. The downward trend will be restored after the price is set below the level of 1500.00 (Murray [4/8]), whica is the key level for the sellers in short term period. In this case, the next targets of sellers will be the level of 1495.18-1492.19 (Murray [3/8]). Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term. Bollinger Bands are pointed downwards. The volumes of MACD histogram are growing in the negative zone. Stochastic is pointed upwards, reflecting the high possibility of the upward movement formation.

Support and resistance

Support levels: 1503.60, 1500.00, 1495.18, 1492.19.
Resistance levels: 1507.81, 1512.27, 1515.63.

Trading recommendations

Short positions can be opened below the level of 1500.00 with the target at around 1495.18-1492.19 and stop-loss 1502.30.
Long positions can be opened above the level of 1507.81 with the target at around 1512.27 and stop-loss 1506.50.

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