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USD/JPY: upward momentum maintains 20 September 2019, 14:15

USD/JPY: upward momentum maintains 20 September 2019, 14:15 Scenario Timeframe Weekly Recommendation BUY Entry Point 1...

Sep 10, 2019

XAU/USD: gold prices are falling 10 September 2019, 09:49


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1500.05
Take Profit 1534.74
Stop Loss 1480.00
Key Levels 1439.11, 1452.66, 1474.61, 1486.14, 1500.00, 1510.11, 1516.70, 1534.74
Alternative scenario
Recommendation SELL STOP
Entry Point 1486.10
Take Profit 1452.66, 1439.11
Stop Loss 1500.00, 1510.00
Key Levels 1439.11, 1452.66, 1474.61, 1486.14, 1500.00, 1510.11, 1516.70, 1534.74
Current trend
Gold prices continue to decline steadily, renewing lows of August 13, due to the growing investor interest in risk since threats of a slowdown in the global economy are gradually fading. Traders welcomed the news about the resumption of trade negotiations between the United States and China, and the decision of the British Parliament, which should lead to another postponement of Brexit.
However, gold is supported by the prospects for further easing of monetary policy by the leading Central Banks of the world. On Thursday, the ECB during its meeting is expected to reduce the rate on deposits. Also, the head of the regulator, Mario Draghi, may announce a new quantitative easing program, which he repeatedly mentioned in his recent speeches. Next week, the Fed and the Bank of England meetings will be held. The American regulator may reduce the rate by 25 basis points, however, more decisive steps are quite possible.
Support and resistance
On the daily chart, Bollinger bands move flat. The price range is slightly expanding from below but not as fast as the “bearish” dynamic develops. MACD falls, keeping a strong sell signal (the histogram is below the signal line). Stochastic decreases but now is near the zero line, which signals that the instrument is oversold in the ultra-short term.
It is better to keep the current short positions until the situation becomes clear.
Resistance levels: 1500.00, 1510.11, 1516.70, 1534.74.
Support levels: 1486.14, 1474.61, 1452.66, 1439.11.


Trading tips
Long positions can be opened after a rebound from 1486.14 and the breakout of 1500.00 with the target at 1534.74. Stop loss – 1480.00.
Short positions can be opened after the breakdown of 1486.14 with the target at 1452.66 or 1439.11. Stop loss – 1500.00 or 1510.00.
Implementation period: 2–3 days.

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