XAU/TRY Currency Pair Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Green day on Thursday for XAU/TRY
(Updated on May 16, 2024)
The XAU/TRY currency pair price gained 0.0261% on the last trading day (Thursday, 16th May 2024), rising from TRY 76,848.55 to TRY 76,868.61. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 1.13% from a day low at TRY 76,370.96 to a day high of TRY 77,233.12. The price has risen in 6 of the last 10 days and is up by 2.78% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 more shares were traded than the day before. In total, 2 thousand shares were bought and sold for approximately TRY 187.64 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 TRY 75,869.47 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 21.08% during the next 3 months and, with a 90% probability hold a price between TRY 91,864.96 and TRY 100,146.90 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
XAUTRY Signals & Forecast
The XAU/TRY 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 TRY 76,014.92 and TRY 75,495.05. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy 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. 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 Tuesday, April 16, 2024, and so far it has fallen -0.86%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for XAU/TRY currency pair
XAU/TRY finds support from accumulated volume at TRY 76,038.57 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 TRY 862.16 between high and low, or 1.13%. For the last week the currency pair has had daily average volatility of 1.52%.
Our recommended stop-loss: TRY 73,831.16 (-3.95%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)
Trading Expectations (XAUTRY) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect XAU/TRY to open at TRY 76,824.23, and during the day (based on 14 day Average True Range), to move between TRY 75,650.59 and TRY 78,086.63, which gives a possible trading interval of +/-TRY 1,218.02 (+/-1.58%) up or down from last closing price. If XAU/TRY takes out the full calculated possible swing range there will be an estimated 3.17% 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 76,967.64 (0.13%) than the support at TRY 76,038.57 (1.08%), 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 short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for XAU/TRY currency pair to perform well in the short-term.
Current score: 4.739 Buy Candidate Unchanged
Predicted Opening Price for XAU/TRY of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| TRY 76,824.23 ( 0.0577%) | TRY 76,868.61 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XAUTRY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 77,686.39 | 1.06 % | |
| R2 | 77,357.04 | 0.635 % | ||
| R1 | 77,153.58 | 0.371 % | ||
| Current price: | 76,868.61 | |||
| Support | S1 | 76,494.88 | -0.486 % | |
| S2 | 76,291.42 | -0.751 % | ||
| S3 | 75,962.07 | -1.18 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 77,533.88 | 0.87 % | |
| R2 | 77,177.97 | 0.402 % | ||
| R1 | 76,967.64 | 0.129 % | ||
| Current price | 76,868.61 | |||
| Support | S1 | 76,038.57 | -1.08% | |
| S2 | 70,848.18 | -7.83% | ||
| S3 | 69,861.92 | -9.12% |
FAQ
Click here for our free guide on how to buy XAU/TRY Currency pair.
