Recommendation for Gold: Strong Buy
Buy Stop Above 1746.98
Stop Loss Below 1661.20
Chart Analysis
On the daily timeframe XAUUSD: D1 is rising above the 200-day moving average MA(200), which is rising itself. We believe the bullish momentum will continue after the price breaches above the upper boundary of Donchian channel at 1746.98. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1661.20. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (1661.20) without reaching the order (1746.98), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis
Uncertainty that followed the coronavirus outbreak boosted safe haven demand. Will the XAUUSD climbing continue?
Buy Stop Above 1746.98
Stop Loss Below 1661.20
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Neutral | |
| MA(200) | Buy | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Chart Analysis
On the daily timeframe XAUUSD: D1 is rising above the 200-day moving average MA(200), which is rising itself. We believe the bullish momentum will continue after the price breaches above the upper boundary of Donchian channel at 1746.98. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1661.20. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (1661.20) without reaching the order (1746.98), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis
Uncertainty that followed the coronavirus outbreak boosted safe haven demand. Will the XAUUSD climbing continue?