XAU/BRL Currency Pair Forecast
XAU/BRL currency pair upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on Jun 28, 2024)
The XAU/BRL currency pair price gained 1.50% on the last trading day (Friday, 28th Jun 2024), rising from R$12,806.70 to R$12,998.70. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 2.02% from a day low at R$12,759.50 to a day high of R$13,016.70. The price has risen in 7 of the last 10 days and is up by 3.64% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 10 more shares were traded than the day before. In total, 1 thousand shares were bought and sold for approximately R$15.57 million.
The currency pair lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the currency pair is expected to rise 7.67% during the next 3 months and, with a 90% probability hold a price between R$13,192.97 and R$14,398.62 at the end of this 3-month period.
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XAUBRL Signals & Forecast
Mostly positive signals in the chart today. The XAU/BRL currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at R$12,747.50 and R$12,393.54. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 11.38%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for XAU/BRL currency pair
XAU/BRL finds support from accumulated volume at R$12,443.10 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved R$257.20 between high and low, or 2.02%. For the last week the currency pair has had daily average volatility of 1.48%.
Our recommended stop-loss: R$12,530.75 (-3.60%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 55 days ago.)
Trading Expectations (XAUBRL) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect XAU/BRL to open at R$12,924.97, and during the day (based on 14 day Average True Range), to move between R$12,803.57 and R$13,193.83, which gives a possible trading interval of +/-R$195.13 (+/-1.50%) up or down from last closing price. If XAU/BRL takes out the full calculated possible swing range there will be an estimated 3.00% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ R$12,443.10, some R$555.60 (4.27%) from the current price of R$12,998.70, our system finds the risk reward attractive.
Is XAU/BRL currency pair A Buy?
XAU/BRL holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 8.145 Strong Buy Candidate Upgraded
Predicted Opening Price for XAU/BRL of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| R$12,924.97 ( 0.567%) | R$12,998.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XAUBRL
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 13,182.17 | 1.41% |
| R2 | 13,083.92 | 0.656% |
| R1 | 13,023.22 | 0.189% |
| Price | 12,998.70 | |
| S1 | 12,826.72 | -1.32% |
| S2 | 12,766.02 | -1.79% |
| S3 | 12,667.77 | -2.55% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 12,998.70 | |
| S1 | 12,443.10 | -4.27% |
| S2 | 12,060.40 | -7.22% |
| S3 | 11,997.90 | -7.70% |
FAQ
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