Technical Analysis XAUUSD : 2020-10-13

IFC Markets

Master Trader
Oct 31, 2012
London (Great Britain)
Recommendation for Gold: Buy

Buy Stop : Above 1935
Stop Loss : Below 1845

Parabolic SARBuy
Bollinger BandsNeutral

Chart Analysis
IFC Markets Tech Analysis

On the daily timeframe, XAUUSD: D1 breached up the downtrend resistance line. A number of technical analysis indicators have formed signals for further growth. We do not rule out a bullish move if XAUUSD rises above its last high: 1935. This level can be used as an entry point. We can place a stop loss below the Parabolic signal and 2 last lower fractals: 1845. After opening a pending order, we move the stop loss following the Bollinger and Parabolic signals to the next fractal minimum. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (1845) without activating the order (1935), it is recommended to delete the order: the market sustained internal changes that were not taken into account.
Fundamental Analysis

The weakening US dollar is driving up precious metals prices. Will the XAUUSD continue to grow?