XAU/USD technical analysis: Support and resistance levels

Amir Khedri Independent Analyst

The green trendline has become a support for the Gold.
As I made it clear on the chart, 1360 is the first support level, then, if it drops below 1360, the next support level will be at 1245.
If XAU/USD starts to revers from this area, 1283 will be the first resistance level, then, if it keeps on rising, the second resistance will be at 1290.

In the lower time frame, XAU/USD has been fluctuating between a parallel channel and the bottom of the channel has just touched and we can see a bullish divergence from oscillator(MACD).
It is reasonable to set our buy stop at 1281 and consider the first target at 1296 (the top of the parallel channel).
Buy stop : 1281
TP: 1296
SL: 1271

Author

Amir Khedri

Independent Analyst

Amir Khedri, the FX market analyst, lives in Tehran (Iran).

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