XAU/CNY Currency Pair Forecast

¥16,908.60
+50.70 (+0.301%)
At Close: Apr 29, 2024
RSI low/high Values: [ 25 - 75 ]
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
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XAU/CNY currency pair price ended at ¥16,908.60 on Monday, after gaining 0.301%.
(Updated on Apr 29, 2024)

Buy or Hold candidate since Feb 16, 2024 Gain 17.96% PDF

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

What is the symbol for XAU/CNY Currency pair and on which exchange is it traded?
The symbol for XAU/CNY is XAUCNY and it is traded on the CCY (Forex).

Should I buy or sell XAU/CNY Currency pair?
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.

How to buy XAU/CNY Currency pair?
XAU/CNY Currency pair can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy XAU/CNY Currency pair.

What's the current price of XAU/CNY Currency pair?
As of the end of day on the Apr 29, 2024, the price of an XAU/CNY (XAUCNY) share was ¥16,908.60.

What is the 52-week high and low for XAU/CNY Currency pair?
The 52-week high for XAU/CNY Currency pair is ¥17,591.40 and the 52-week low is ¥13,032.40.
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