XAU/USD Currency Pair Forecast
Red day on Tuesday for XAU/USD currency pair after losing 0.307%
(Updated on Jun 25, 2024)
The XAU/USD currency pair price fell by -0.307% on the last day (Tuesday, 25th Jun 2024) from $2,325.43 to $2,318.28. During the last trading day the currency pair fluctuated 0.93% from a day low at $2,315.40 to a day high of $2,337.03. The price has been going up and down for this period, and there has been a 0.08% gain for the last 2 weeks. Volume has increased on the last day by 240 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 305 thousand shares were bought and sold for approximately $707.06 million.
The currency pair is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect XAU/USD currency pair with a 90% probability to be traded between $2,268.47 and $2,492.90 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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XAUUSD Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The XAU/USD currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $2,330.87 and $2,345.80. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -4.44%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the currency pair should be followed more closely. The currency pair had a Golden Star Signal on Saturday, July 29, 2023 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Saturday, July 29, 2023 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Support, Risk & Stop-loss for XAU/USD currency pair
XAU/USD finds support from accumulated volume at $2,313.67 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 $21.63 between high and low, or 0.93%. For the last week the currency pair has had daily average volatility of 1.28%.
Our recommended stop-loss: $2,205.06 (-4.88%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 41 days ago.)
Trading Expectations (XAUUSD) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect XAU/USD to open at $2,323.57, and during the day (based on 14 day Average True Range), to move between $2,292.34 and $2,344.22, which gives a possible trading interval of +/-$25.94 (+/-1.12%) up or down from last closing price. If XAU/USD takes out the full calculated possible swing range there will be an estimated 2.24% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2,322.22 (0.17%) than the support at $2,313.67 (0.20%), 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/USD currency pair A Buy?
XAU/USD holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.808 Hold/Accumulate Unchanged
Predicted Opening Price for XAU/USD of Wednesday, June 26, 2024
Fair opening price June 26, 2024 | Current price |
---|---|
$2,323.57 ( 0.228%) | $2,318.28 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XAUUSD
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 2,345.20 | 1.16% |
R2 | 2,336.94 | 0.80% |
R1 | 2,331.83 | 0.585% |
Price | 2,318.28 | |
S1 | 2,315.31 | -0.128% |
S2 | 2,310.20 | -0.348% |
S3 | 2,301.94 | -0.705% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 2,358.91 | 1.75% |
R2 | 2,332.01 | 0.592% |
R1 | 2,322.22 | 0.170% |
Price | 2,318.28 | |
S1 | 2,313.67 | -0.199% |
S2 | 2,303.23 | -0.649% |
S3 | 2,294.08 | -1.04% |
FAQ
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