XAU/USD: gold prices are consolidating 12.06.2020
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on XAU/USD for a better understanding of the current market situation and more efficient trading.
Current trend
Gold prices show flat dynamics during today’s morning session, consolidating near 1730.00. The day before, the instrument showed negative dynamics, retreating from its local highs since June 2 against the background of widespread strengthening of USD. Additional pressure on gold was exerted by the fact that the US regulator has at the moment abandoned the idea of negative interest rates, and is inclined to take a wait and see attitude, continuing only to increase the program of quantitative easing if necessary.
At the same time, the Fed’s economic indicators and forecasts indicate a rather difficult situation for the American economy, which supports the demand for gold. In addition, investors are worried about the possibility of a second wave of the COVID-19 epidemic, which could force countries to return some of the restrictions before the vaccine is found.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range remains virtually unchanged, indicating an approximate balance of power in the short term. MACD indicator is growing preserving a weak buy signal (located above the signal line). Having approached the level of “80”, Stochastic reversed into the horizontal plane, reacting to the appearance of the downtrend as a result of Thursday’s trading.
Current readings of technical indicators remain uninformative for opening new trading positions.
Resistance levels: 1735.13, 1744.89, 1753.57, 1765.07.
Support levels: 1720.00, 1703.07, 1691.28, 1675.00.
Trading tips
To open long positions, one can rely on the rebound from the support level of 1720.00 with the subsequent breakout of 1735.13. Take-profit – 1753.57. Stop-loss – 1725.00. Implementation time: 2-3 days.
The breakdown of 1720.00 may serve as a signal to new sales with the target at 1703.07. Stop-loss – 1730.00. Implementation time: 1-2 days.
Use more opportunities of the NPBFX analytical portal: trading signals for commodities
How can a trader determine if it’s worth buying or selling XAU/USD now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on XAU/USD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on XAU/USD for a better understanding of the current market situation and more efficient trading.
Current trend
Gold prices show flat dynamics during today’s morning session, consolidating near 1730.00. The day before, the instrument showed negative dynamics, retreating from its local highs since June 2 against the background of widespread strengthening of USD. Additional pressure on gold was exerted by the fact that the US regulator has at the moment abandoned the idea of negative interest rates, and is inclined to take a wait and see attitude, continuing only to increase the program of quantitative easing if necessary.
At the same time, the Fed’s economic indicators and forecasts indicate a rather difficult situation for the American economy, which supports the demand for gold. In addition, investors are worried about the possibility of a second wave of the COVID-19 epidemic, which could force countries to return some of the restrictions before the vaccine is found.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range remains virtually unchanged, indicating an approximate balance of power in the short term. MACD indicator is growing preserving a weak buy signal (located above the signal line). Having approached the level of “80”, Stochastic reversed into the horizontal plane, reacting to the appearance of the downtrend as a result of Thursday’s trading.
Current readings of technical indicators remain uninformative for opening new trading positions.
Resistance levels: 1735.13, 1744.89, 1753.57, 1765.07.
Support levels: 1720.00, 1703.07, 1691.28, 1675.00.
Trading tips
To open long positions, one can rely on the rebound from the support level of 1720.00 with the subsequent breakout of 1735.13. Take-profit – 1753.57. Stop-loss – 1725.00. Implementation time: 2-3 days.
The breakdown of 1720.00 may serve as a signal to new sales with the target at 1703.07. Stop-loss – 1730.00. Implementation time: 1-2 days.
Use more opportunities of the NPBFX analytical portal: trading signals for commodities
How can a trader determine if it’s worth buying or selling XAU/USD now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on XAU/USD and trade efficiently with NPBFX.