Corrective XAU / USD growth continues, as evidenced by the breakdown of short-term resistance levels of 1218.00 (ЕМА200 on 4-hour chart), 1220.00 (ЕМА200 on 1-hour chart).
Indicators OsMA and Stochastic on the 1-hour, 4-hour, daily charts recommend long positions.
In case of continued growth, the immediate goal will be the resistance level of 1234.00 (EMA144 on the daily chart).
Confirmed breakdown of resistance levels of 1243.00 (EMA200 on the daily chart), 1248.00 (Fibonacci level 50% of the correction to the wave of decline since July 2016) will indicate the end of the bearish trend.
Below resistance levels of 1243.00, 1248.00, short positions are preferable, despite corrective growth; bearish trend remains in force.
The signal for the resumption of sales will be the breakdown of support levels of 1220.00, 1218.00.
The targets of declining are support levels of 1197.00 (November lows), 1185.00 (Fibonacci level 23.6%), 1160.00 (minimums of the year).
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Support Levels: 1220.00, 1218.00, 1200.00,
1197.00, 1185.00, 1160.00
Resistance Levels: 1234.00, 1243.00, 1248.00, 1261.00, 1277.00
Trading Scenarios
Sell Stop 1223.00. Stop Loss 1230.00. Take-Profit 1220.00, 1218.00, 1200.00, 1197.00, 1185.00, 1160.00
Buy Stop 1230.00. Stop Loss 1223.00. Take-Profit 1234.00, 1243.00, 1248.00, 1261.00, 1277.00
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