XAU/USD: Technical Analysis and Trading Recommendations_04/27/2021


Against the background of a weakening dollar, the XAU / USD pair rose this month by 4.3%, reaching the zone of key resistance levels of 1793.00 (ЕМА200 on the daily chart), 1797.00 (ЕМА144 on the daily chart), 1800.00 (psychologically significant level).

Below these resistance levels, the XAU / USD pair remains in the bear market zone and within the descending channel on the weekly chart. Its lower border at the moment is near the key support levels 1620.00 (EMA144 on the weekly chart), 1560.00 (EMA200 on the weekly chart and 50% Fibonacci of the correction to the growth wave since November 2015 and 1050.00 mark).

If XAU / USD resumes the downward trend, the first signal for selling the pair will be a breakdown of the short-term support level 1774.00 (ЕМА200 on the 1-hour chart). The breakout of important short-term support levels 1757.00 (ЕМА200 on the 4-hour chart), 1765.00 (ЕМА50 on the daily chart) will confirm the downside scenario.

In an alternative scenario, a breakdown of the resistance level 1800.00 will increase the likelihood of further growth of XAU / USD in the direction of the upper border of the descending channel on the weekly chart and 1852.00, 1874.00 marks.

Support levels: 1774.00, 1765.00, 1757.00, 1700.00, 1685.00, 1615.00, 1560.00

Resistance levels: 1793.00, 1797.00, 1800.00, 1852.00, 1874.00, 1963.00, 1976.00

Trading recommendations

Sell Stop 1772.00. Stop-Loss 1803.00. Take-Profit 1765.00, 1757.00, 1700.00, 1685.00, 1615.00, 1560.00

Buy Stop 1803.00. Stop-Loss 1772.00. Take-Profit 1852.00, 1874.00, 1963.00, 1976.00, 2010.00, 2075.00