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Atirox.com - Daily Analysis
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[QUOTE="andy.atx, post: 177628, member: 58758"] [SIZE=7][B]XAU/USD: TECHNICAL ANALYSIS 05.03.20[/B][/SIZE] [URL='https://atirox.com/wp-content/uploads/XAUUSDH405032020.png'][IMG]https://atirox.com/wp-content/uploads/XAUUSDH405032020.png[/IMG][/URL] [B]Current trend[/B] Today XAU/USD quotes continue to consolidate in the narrow side channel with the borders 1634.91-1640.71. Meanwhile, the potential of the upward movement is maintained. The breakout of the upper border of the channel will give a prospect of growth to the area of 1649.24-1656.25. [B]Alternative scenario[/B] However, the downward reversal of the Stochastic indicates a downward correction formation. The breakdown of 1634.91 and a sustained move below it will be a signal of the downward dynamic resumption and let the price decline to 1625.00 support. The area of 1625.00-1620.25 ( the middle line of Bollinger Bands) is the key target of the downward correction movement, which can activate an upward reverse of the price. However, the breakdown of this level will be a signal of downward trend resumption. In this case, the sellers will aim for a 1609.38 support zone. [B]Technical indicators[/B] Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term. Bollinger Bands are pointed upwards. MACD is growing in a positive zone. Stochastic’s lines are pointed downwards and are reaching the oversold area. [B]Support and resistance[/B] Support levels: 1634.91, 1625.00, 1620.25. Resistance levels: 1640.71, 1649.24, 1656.25. [B]Trading recommendations[/B] Short positions can be opened below the level of 1634.91 with the target at around 1625.00 and stop-loss at 1637.90. Long positions can be opened above the level of 1640.71 with the target at around 1646.00 and stop-loss at 1639.70. [/QUOTE]
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