XAU/CAD Currency Pair Forecast
XAU/CAD currency pair price down 0.233% on Wednesday
(Updated on May 08, 2024)
The XAU/CAD currency pair price fell by -0.233% on the last day (Wednesday, 8th May 2024) from $3,176.10 to $3,168.70. During the last trading day the currency pair fluctuated 0.742% from a day low at $3,168.20 to a day high of $3,191.70. The price has risen in 6 of the last 10 days but is still down by -0.53% for this period. Volume has increased on the last day by 24 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 thousand shares were bought and sold for approximately $3.82 million.
Given the current short-term trend, the currency pair is expected to rise 21.39% during the next 3 months and, with a 90% probability hold a price between $3,846.44 and $4,196.53 at the end of this 3-month period.
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XAUCAD Signals & Forecast
There are mixed signals in the currency pair today. A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -3.84%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the currency pair should be followed more closely. The XAU/CAD 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 $3,165.69 and $3,151.43. A breakdown below any of these levels will issue sell signals. The currency pair had a Golden Star Signal on Monday, February 19, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star
The currency pair had a Golden Star Signal on Monday, February 19, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Support, Risk & Stop-loss for XAU/CAD currency pair
On the downside, the currency pair finds support just below today's level from accumulated volume at $2,907.20 and $2,892.20. There is a natural risk involved when a currency pair is testing a support level, since if this is broken, the currency pair then may fall to the next support level. In this case, XAU/CAD finds support just below today's level at $2,907.20. If this is broken, then the next support from accumulated volume will be at $2,892.20 and $2,728.90.
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 $23.50 between high and low, or 0.742%. For the last week the currency pair has had daily average volatility of 1.23%.
Our recommended stop-loss: $3,053.66 (-3.63%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (XAUCAD) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect XAU/CAD to open at $3,176.20, and during the day (based on 14 day Average True Range), to move between $3,127.03 and $3,210.37, which gives a possible trading interval of +/-$41.67 (+/-1.31%) up or down from last closing price. If XAU/CAD takes out the full calculated possible swing range there will be an estimated 2.63% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3,247.45 (2.49%) than the support at $2,907.20 (8.25%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is XAU/CAD currency pair A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for XAU/CAD currency pair to perform well in the short-term.
Current score: 1.375 Buy Candidate Unchanged
Predicted Opening Price for XAU/CAD of Thursday, May 9, 2024
Fair opening price May 9, 2024 | Current price |
---|---|
$3,176.20 ( 0.237%) | $3,168.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XAUCAD
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3,199.70 | 0.98 % | |
R2 | 3,190.72 | 0.695 % | ||
R1 | 3,185.18 | 0.520 % | ||
Current price: | 3,168.70 | |||
Support | S1 | 3,167.22 | -0.0466 % | |
S2 | 3,161.68 | -0.222 % | ||
S3 | 3,152.70 | -0.505 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3,285.75 | 3.69 % | |
R2 | 3,252.40 | 2.64 % | ||
R1 | 3,247.45 | 2.49 % | ||
Current price | 3,168.70 | |||
Support | S1 | 2,907.20 | -8.25% | |
S2 | 2,892.20 | -8.73% | ||
S3 | 2,728.90 | -13.88% |
FAQ
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