XAU/SAR Currency Pair Forecast
XAU/SAR currency pair price up 0.241% on Thursday
(Updated on May 30, 2024)
The XAU/SAR currency pair price gained 0.241% on the last trading day (Thursday, 30th May 2024), rising from $8,764.50 to $8,785.60. During the last trading day the currency pair fluctuated 1.23% from a day low at $8,709.40 to a day high of $8,816.50. The price has been going up and down for this period, and there has been a -3.02% 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, 17 more shares were traded than the day before. In total, 1 thousand shares were bought and sold for approximately $10.67 million.
The currency pair lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $8,778.61 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 11.04% during the next 3 months and, with a 90% probability hold a price between $9,747.58 and $10,245.58 at the end of this 3-month period.
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XAUSAR Signals & Forecast
There are mixed signals in the currency pair today. The XAU/SAR 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 $8,808.06. On a fall, the currency pair will find some support from the short-term average at $8,780.19. 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. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -3.46%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for XAU/SAR currency pair
XAU/SAR finds support from accumulated volume at $8,753.80 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 with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved $107.10 between high and low, or 1.23%. For the last week the currency pair has had daily average volatility of 0.87%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (XAUSAR) For The Upcoming Trading Day Of Friday 31st
For the upcoming trading day on Friday, 31st we expect XAU/SAR to open at $8,770.50, and during the day (based on 14 day Average True Range), to move between $8,668.57 and $8,902.63, which gives a possible trading interval of +/-$117.03 (+/-1.33%) up or down from last closing price. If XAU/SAR takes out the full calculated possible swing range there will be an estimated 2.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8,791.60 (0.07%) than the support at $8,753.80 (0.36%), 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/SAR currency pair A Buy?
XAU/SAR holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this currency pair.
Current score: -1.508 Sell Candidate Unchanged
Predicted Opening Price for XAU/SAR of Friday, May 31, 2024
| Fair opening price May 31, 2024 | Current price |
|---|---|
| $8,770.50 ( 0.172%) | $8,785.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XAUSAR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8,877.60 | 1.05 % | |
| R2 | 8,836.69 | 0.581 % | ||
| R1 | 8,811.41 | 0.294 % | ||
| Current price: | 8,785.60 | |||
| Support | S1 | 8,729.59 | -0.638 % | |
| S2 | 8,704.31 | -0.93 % | ||
| S3 | 8,663.40 | -1.39 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8,973.00 | 2.13 % | |
| R2 | 8,909.70 | 1.41 % | ||
| R1 | 8,791.60 | 0.0683 % | ||
| Current price | 8,785.60 | |||
| Support | S1 | 8,753.80 | -0.362% | |
| S2 | 8,737.90 | -0.543% | ||
| S3 | 8,167.90 | -7.03% |
FAQ
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