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GBP/USD: general analysis 26 February 2020, 13:50

GBP/USD: general analysis 26 February 2020, 13:50 Scenario Timeframe Intraday Recommendation BUY Entry Point 1.2940 ...

Feb 12, 2020

XAU/USD: general review 12 February 2020, 09:22


Scenario
Timeframe Weekly
Recommendation SELL STOP
Entry Point 1561.0
Take Profit 1554.0
Stop Loss 1566.0
Key Levels 1554.0, 1561.0, 1571.0, 1590.0
Alternative scenario
Recommendation BUY STOP
Entry Point 1568.0
Take Profit 1590.0
Stop Loss 1560.0
Key Levels 1554.0, 1561.0, 1571.0, 1590.0
Current trend
Contrary to analysts' expectations, gold quotes continue to stay within an uptrend, which is indirectly confirmed by the maintaining high demand for shelter assets.
Before the publication of the macroeconomic report on price indices from China, the Commodity Futures Trading Commission noted a decrease in net speculative positions in gold: 299.8K against 317.7K last week. However, Chinese statistics did not meet the fears of investors: the consumer price index was 5.4%, which is better than the expected 4.9%, the producer price index remained in line with expectations of 0.1%.
Yesterday's speech by Fed Chairman Jerome Powell gave investors optimism about maintaining interest rates and had little effect on the dollar, and as a result, gold quotes remained at current levels. In the short term, the asset is likely to remain within the broad channel 1550.00–1600.00.
Support and resistance
The price continues to consolidate within the global wedge pattern. After the reversal at the support line, the instrument goes towards the resistance level. The Alligator indicator reverses and is ready to give a sell signal. The AO oscillator is above the zero line, which indicates the predominance of the buy volume.
Resistance levels: 1571.0, 1590.0.
Support levels: 1561.0, 1554.0.

Trading tips
After decline or consolidation below the local minimum around 1561.0, it is better to open sell positions with the target at 1554.0. Stop loss is above the support level, around 1566.0.
After a reversal and growth or consolidation above the local maximum around 1568.0, purchase positions with the target at 1590.0 will be relevant. Stop loss is below the local minimum, around 1560.0.
Implementation period: 7 days or more.

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