XAUUSD - RANGEBOUND
Description:
The XAUUSD (gold) is moving between the price range of 1676.98 and the 1756.28. Both the flat-top resistance and the support base are seems to be stronger. Therefore the counter is expected to continue in the parallel channel. Trend trading is very difficult for this condition. Breakout of the parallel channel will determine the trend of the counter. Swing trading is more preferable for this condition. The Stop loss is mandatory for performing swing trading. The stochastic indicator levels will be very useful for swing trading.
The major levels for this counter are
R2 –1770.11
R1 –1756.83
PP –1744.03
S1 –1730.75
S2 –1717.95
The XAUUSD (gold) is moving between the price range of 1676.98 and the 1756.28. Both the flat-top resistance and the support base are seems to be stronger. Therefore the counter is expected to continue in the parallel channel. Trend trading is very difficult for this condition. Breakout of the parallel channel will determine the trend of the counter. Swing trading is more preferable for this condition. The Stop loss is mandatory for performing swing trading. The stochastic indicator levels will be very useful for swing trading.
The major levels for this counter are
R2 –1770.11
R1 –1756.83
PP –1744.03
S1 –1730.75
S2 –1717.95
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