XAU/USD is trapped in a range between the 1973.00 support level (200 EMA on the 4-hour chart) and resistance at 2010.00. A break in either direction, we assumed, would be the start of a new movement. However, as we have already noted, fluctuations and flat movement may continue since the results of the FOMC and ECB meetings and the U.S. Labor Department report can give the XAU/USD pair different movement vectors. Overall, the upward dynamics are maintained, and only upon breaking the 1954.00 support level (50 EMA on the daily chart) can we seriously consider short positions on gold and the XAU/USD pair.
In the main scenario, we assume a breakout into the area above the 2010.00 mark and further growth within the upward channel on the daily chart to its upper boundary and the 2070.00 mark.
The first signal here may be the breakout of the 1990.00 resistance level (200 EMA on the 1-hour chart).
In an alternative scenario, after breaking the support level of 1973.00 (200 EMA on the 4-hour chart), the price will move towards key support levels 1880.00 (144 EMA on the daily chart), 1860.00 (200 EMA on the daily chart) with an intermediate target at the support level 1954.00.
XAU/USD is trapped in a range between the 1973.00 support level (200 EMA on the 4-hour chart) and resistance at 2010.00. A break in either direction, we assumed, would be the start of a new movement. However, as we have already noted, fluctuations and flat movement may continue since the results of the FOMC and ECB meetings and the U.S. Labor Department report can give the XAU/USD pair different movement vectors. Overall, the upward dynamics are maintained, and only upon breaking the 1954.00 support level (50 EMA on the daily chart) can we seriously consider short positions on gold and the XAU/USD pair.
In the main scenario, we assume a breakout into the area above the 2010.00 mark and further growth within the upward channel on the daily chart to its upper boundary and the 2070.00 mark.
The first signal here may be the breakout of the 1990.00 resistance level (200 EMA on the 1-hour chart).
In an alternative scenario, after breaking the support level of 1973.00 (200 EMA on the 4-hour chart), the price will move towards key support levels 1880.00 (144 EMA on the daily chart), 1860.00 (200 EMA on the daily chart) with an intermediate target at the support level 1954.00.
Support levels: 1984.00, 1973.00, 1954.00, 1900.00, 1896.00, 1880.00, 1860.00, 1843.00, 1800.00
Resistance levels: 1990.00, 2000.00, 2010.00, 2048.00, 2070.00
The material has been provided by InstaForex Company – www.instaforex.com
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