XAU/USD Technical Analysis | XAU/USD Trading: 2020-03-16 | IFCM UK
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XAU/USD Technical Analysis - XAU/USD Trading: 2020-03-16

Gold Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Below 1545

Sell Stop

Above 1705

Stop Loss

Mary Wild
Senior Analytical Expert
Articles 2058
IndicatorSignal
RSI Sell
MACD Sell
MA(200) Neutral
Fractals Sell
Parabolic SAR Sell
Bollinger Bands Sell

Gold Chart Analysis

Gold Chart Analysis

Gold Technical Analysis

On the daily timeframe, XAUUSD: D1 is declining and is closer now to the support line of the upward trend. It needs to be breached before the position opens. Now it is being corrected down from its maximum since December 2012. A number of indicators of technical analysis formed signals for a further decrease. We do not rule out a bearish movement if XAUUSD falls below its last minimum: 1545. This level can be used as an entry point. The initial stop loss is possible above the last upper fractal, the maximum since December 2012 and the Parabolic signal: 1705. After opening a pending order, the stop loss should be moved after the Bollinger and Parabolic signals to the next fractal maximum. Thus, we change the potential profit / loss ratio in our favor. After the transaction, more risk-averse traders can switch to a four-hour chart and set a stop loss, moving it in the direction of trend. If the price overcomes the stop level (1705) without activating the order (1545), it is recommended to delete the order: market sustains internal changes that have not been taken into account.

Fundamental Analysis of Precious Metals - Gold

Precious metals are losing in price amidst the active measures taken by the world’s leading countries to minimize the damage from the coronavirus pandemic. Will XAUUSD quotes continue to decrease?

The ECB approved a range of financial measures to support the European economy. The US Federal Reserve will provide $ 1.5 trillion of short-term loans to US companies and banks. Similar measures were taken by the Central Bank of Australia, England and other countries. All of this can reduce the risks of a global economic downturn. Against this background, palladium quotes fell by 24% over the week, platinum and silver - by 12%. Gold is still behind and fell by 8%.

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Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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