XAU/TRY Currency Pair Forecast

XAU/TRY currency pair price ended at TRY 75,389.16 on Wednesday, after gaining 1.65%.
(Updated on May 01, 2024)

XAUTRY Signals & Forecast

A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -3.03%. 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). Some positive signals were issued as well, and these may have some influence on the near short-term development. The XAU/TRY 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 TRY 75,416.78. On a fall, the currency pair will find some support from the long-term average at approximately TRY 73,717.26. 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 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/TRY currency pair

On the downside, the currency pair finds support just below today's level from accumulated volume at TRY 70,848.18 and TRY 61,718.56. 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/TRY finds support just below today's level at TRY 70,848.18. If this is broken, then the next support from accumulated volume will be at TRY 61,718.56 and TRY 61,144.69.

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 TRY 1,743.20 between high and low, or 2.36%. For the last week the currency pair has had daily average volatility of 1.38%.

Our recommended stop-loss: TRY 72,112.31 (-4.35%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 8 days ago.)

Trading Expectations (XAUTRY) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect XAU/TRY to open at TRY 74,934.56, and during the day (based on 14 day Average True Range), to move between TRY 74,299.79 and TRY 76,478.52, which gives a possible trading interval of +/-TRY 1,089.36 (+/-1.44%) up or down from last closing price. If XAU/TRY takes out the full calculated possible swing range there will be an estimated 2.89% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at TRY 75,659.81 (0.36%) than the support at TRY 70,848.18 (6.02%), 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/TRY currency pair A Buy?

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.

Current score: 3.978 Buy Candidate Unchanged

Predicted Opening Price for XAU/TRY of Thursday, May 2, 2024

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