XAU/EUR Currency Pair Forecast

XAU/EUR currency pair price down 0.433% on Thursday
(Updated on May 30, 2024)

XAUEUR Signals & Forecast

A buy signal was issued from a pivot bottom point on Sunday, May 26, 2024, and so far it has risen 0.551%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The XAU/EUR currency pair holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the currency pair giving a more negative forecast for the stock. On further gains, the currency pair will meet resistance from the long-term Moving Average at 2,181.13€. On a fall, the currency pair will find some support from the short-term average at 2,161.99€. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for XAU/EUR currency pair

XAU/EUR finds support from accumulated volume at 2,149.71€ 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved 0.0520€ between high and low, or 0.0024%. For the last week the currency pair has had daily average volatility of 0.308%

Our recommended stop-loss: 2,035.69€ (-5.90%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 31 days ago.)

Trading Expectations (XAUEUR) For The Upcoming Trading Day Of Friday 31st

For the upcoming trading day on Friday, 31st we expect XAU/EUR to open at 2,163.31€, and during the day (based on 14 day Average True Range), to move between 2,139.62€ and 2,186.97€, which gives a possible trading interval of +/-23.67€ (+/-1.09%) up or down from last closing price. If XAU/EUR takes out the full calculated possible swing range there will be an estimated 2.19% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 2,173.90€ (0.49%) than the support at 2,149.71€ (0.63%), 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/EUR currency pair A Buy?

XAU/EUR 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: 0.475 Hold/Accumulate Unchanged

Predicted Opening Price for XAU/EUR of Friday, May 31, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.