XAU/HKD Currency Pair Forecast

Stronger technical forecast for XAU/HKD currency pair price after Friday trading.
(Updated on May 10, 2024)

XAUHKD Signals & Forecast

There are mixed signals in the currency pair today. A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -1.57%. 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). The XAU/HKD 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 HK$18,154.83 and HK$18,136.12. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The currency pair should be watched closely.

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

On the downside, the currency pair finds support just below today's level from accumulated volume at HK$17,041.06 and HK$16,892.97. 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/HKD finds support just below today's level at HK$17,041.06. If this is broken, then the next support from accumulated volume will be at HK$16,892.97 and HK$15,892.09.

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 HK$251.47 between high and low, or 1.37%. For the last week the currency pair has had daily average volatility of 1.29%.

Our recommended stop-loss: HK$17,801.17 (-3.49%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 16 days ago.)

Trading Expectations (XAUHKD) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect XAU/HKD to open at HK$18,452.76, and during the day (based on 14 day Average True Range), to move between HK$18,182.17 and HK$18,706.07, which gives a possible trading interval of +/-HK$261.95 (+/-1.42%) up or down from last closing price. If XAU/HKD takes out the full calculated possible swing range there will be an estimated 2.84% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at HK$18,489.90 (0.25%) than the support at HK$17,041.06 (7.61%), 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/HKD currency pair A Buy?

XAU/HKD holds several positive signals and is within a strong 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: 5.358 Strong Buy Candidate Upgraded

Predicted Opening Price for XAU/HKD of Monday, May 13, 2024

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