XAU/CNY Currency Pair Forecast
XAU/CNY currency pair price ended at ¥16,908.60 on Monday, after gaining 0.301%.
(Updated on Apr 29, 2024)
The XAU/CNY currency pair price gained 0.301% on the last trading day (Monday, 29th Apr 2024), rising from ¥16,857.90 to ¥16,908.60. During the last trading day the currency pair fluctuated 0.91% from a day low at ¥16,831.10 to a day high of ¥16,984.20. The price has been going up and down for this period, and there has been a -1.98% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 thousand more shares were traded than the day before. In total, 1 thousand shares were bought and sold for approximately ¥20.70 million.
The currency pair lies in the lower part of a narrow and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ¥16,820.12 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the currency pair is expected to rise 23.06% during the next 3 months and, with a 90% probability hold a price between ¥20,699.16 and ¥21,689.83 at the end of this 3-month period.
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XAUCNY Signals & Forecast
The XAU/CNY currency pair holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately ¥16,931.19. On a fall, the currency pair will find some support from the long-term average at approximately ¥16,427.52. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -2.38%. 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).
Support, Risk & Stop-loss for XAU/CNY currency pair
On the downside, the currency pair finds support just below today's level from accumulated volume at ¥15,659.60 and ¥14,477.70. 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/CNY finds support just below today's level at ¥15,659.60. If this is broken, then the next support from accumulated volume will be at ¥14,477.70 and ¥14,414.70.
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 ¥153.10 between high and low, or 0.91%. For the last week the currency pair has had daily average volatility of 0.182%.
Our recommended stop-loss: ¥16,109.59 (-4.73%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 6 days ago.)
Trading Expectations (XAUCNY) For The Upcoming Trading Day Of Tuesday 30th
For the upcoming trading day on Tuesday, 30th we expect XAU/CNY to open at ¥16,907.97, and during the day (based on 14 day Average True Range), to move between ¥16,700.24 and ¥17,116.96, which gives a possible trading interval of +/-¥208.36 (+/-1.23%) up or down from last closing price. If XAU/CNY takes out the full calculated possible swing range there will be an estimated 2.46% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥17,094.10 (1.10%) than the support at ¥15,659.60 (7.39%), 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/CNY currency pair A Buy?
XAU/CNY holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for XAU/CNY of Tuesday, April 30, 2024
Fair opening price April 30, 2024 | Current price |
---|---|
¥16,907.97 ( 0.0037%) | ¥16,908.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XAUCNY
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 17,061.07 | 0.90 % | |
R2 | 17,002.58 | 0.556 % | ||
R1 | 16,966.45 | 0.342 % | ||
Current price: | 16,908.60 | |||
Support | S1 | 16,849.48 | -0.350 % | |
S2 | 16,813.35 | -0.563 % | ||
S3 | 16,754.87 | -0.91 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 17,249.40 | 2.02 % | |
R2 | 17,202.35 | 1.74 % | ||
R1 | 17,094.10 | 1.10 % | ||
Current price | 16,908.60 | |||
Support | S1 | 15,659.60 | -7.39% | |
S2 | 14,477.70 | -14.38% | ||
S3 | 14,414.70 | -14.75% |
FAQ
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