Technical Analysis XAUUSD : 2020-03-16

IFC Markets

Master Trader
Oct 31, 2012
1,938
10
84
London (Great Britain)
www.ifcmarkets.com
ndicatorValueSignal
RSISell
MACDSell
MA(200)Neutral
FractalsSell
Parabolic SARSell
Bollinger BandsSell
Chart Analysis
IFC Markets Tech 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
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?