XAU/USD: technical analysis 27.11.2019

Current trend

The XAU/USD pair begins today’s trading with slight bearish bias due to downward correction. The price went down below the level of 1460.00 (the middle line of Bollinger Bands) and can fall further to the level of 1457.03. Assuming
the pair’s ability to cross this level, the mark of 1455.13-1453.13 can be targeted if holding short positions.

Alternative scenario

The rebound from 1457.03 could lead the price back to the area of 1460.00, which will be a resistance level already. The upward trend will be restored after the price is set above the level of 1461.00. In this case, the next targets of buyers will be the area of level of 1463.00-1464.84.
Now the technical indicators reflect moderate developing of the current downward trend.
Bollinger Bands are pointed downwards.
MACD stabilized in the negative zone.
Stochastic is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 1457.03, 1453.13, 1449.72.
Resistance levels: 1460.94, 1464.84, 1468.75.

Trading recommendations

Short positions can be opened below the level of 1457.00 with the target at around 1453.13 and stop-loss at 1458.30.
Long positions can be opened above the level of 1461.00 with the target at around 1463.00-1464.84 and stop-loss at 1459.80.

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