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Against the background of the weakening dollar, the XAU / USD pair has grown since the beginning of April, when it reached 10-month lows near the support level of 1685.00 (Fibonacci level 61.8% of the correction to the growth wave since November 2015 and the level of 1050.00), by 9.2% against the current moment.
Last week, the pair broke through the zone of key resistance levels 1793.00 (ЕМА200 on the daily chart), 1797.00 (ЕМА144 on the daily chart), 1800.00 (psychologically significant level) and today it is growing for the 5th trading day in a row, maintaining positive dynamics above these levels.
In case of further growth, the targets of the XAU / USD pair will be 1852.00 (the upper border of the descending channel on the weekly chart), 1874.00 (local highs).
In an alternative scenario, XAU / USD will resume its downward trend, and the first signal for selling the pair will be a breakdown of the short-term support level of 1831.00 (ЕМА200 on a 15-minute chart). The breakout of the important support level 1777.00 (ЕМА200 on the 4-hour chart and ЕМА50 on the daily chart) will confirm the downside scenario.
Support levels: 1831.00, 1805.00, 1797.00, 1793.00, 1777.00, 1700.00, 1685.00, 1615.00, 1560.00
Resistance levels: 1852.00, 1874.00, 1963.00, 1976.00
Trading recommendations
Sell Stop 1830.00. Stop-Loss 1847.00. Take-Profit 1805.00, 1797.00, 1793.00, 1777.00, 1700.00, 1685.00, 1615.00, 1560.00
Buy Stop 1847.00. Stop-Loss 1830.00. Take-Profit 1852.00, 1874.00, 1963.00, 1976.00
