XAU/ZAR Currency Pair Forecast

Green day on Wednesday for XAU/ZAR currency pair after gaining 0.0930%
(Updated on May 08, 2024)

XAUZAR Signals & Forecast

There are mixed signals in the currency pair today. The XAU/ZAR 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 R 43,441.59. On a fall, the currency pair will find some support from the short-term average at R 42,886.23. 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 Friday, April 19, 2024, and so far it has fallen -6.76%. 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. The currency pair had a Golden Star Signal on Tuesday, February 20, 2024 in the short-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/ZAR currency pair

On the downside, the currency pair finds support just below today's level from accumulated volume at R 40,372.60 and R 40,347.95. 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/ZAR finds support just below today's level at R 40,372.60. If this is broken, then the next support from accumulated volume will be at R 40,347.95 and R 39,184.00.

This currency pair is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the currency pair moved R 505.25 (1.18%) between high and low. For the last week, the currency pair has had daily average volatility of 1.28%.

XAU/ZAR is oversold on RSI14 (16). Some currency pairs may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (XAUZAR) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect XAU/ZAR to open at R 42,968.65, and during the day (based on 14 day Average True Range), to move between R 42,266.97 and R 43,513.23, which gives a possible trading interval of +/-R 623.13 (+/-1.45%) up or down from last closing price. If XAU/ZAR takes out the full calculated possible swing range there will be an estimated 2.91% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at R 44,929.95 (4.76%) than the support at R 40,372.60 (5.87%), 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/ZAR currency pair A Buy?

XAU/ZAR 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: -2.250 Sell Candidate Unchanged

Predicted Opening Price for XAU/ZAR of Thursday, May 9, 2024

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