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Gold Technical Analysis - Gold Trading: 2020-11-17
Gold Euro Technical Analysis Summary
Below 1565
Sell Stop
Above 1655
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Sell |
| Bollinger Bands | Neutral |
Gold Euro Chart Analysis
Gold Euro Technical Analysis
On the daily timeframe, XAUEUR: D1 is correcting downward from the historical high. It approached the downtrend support line. It must be broken down before opening a position. A number of technical analysis indicators formed signals for further decline. We do not rule out a bearish movement if XAUEUR falls below the 200-day moving average, the last lower fractal and the lower Bollinger line: 1565. This level can be used as an entry point. We can place a stop loss above the last upper fractal, upper Bollinger line and Parabolic signal: 1655. After opening a pending order, we move the stop loss following the Bollinger and Parabolic signals to the next fractal maximum. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the 4-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (1565) without activating the order (1655), it is recommended to delete the order: the market sustains internal changes that have not been taken into account.
Fundamental Analysis of Precious Metals - Gold Euro
The development of Covid-19 vaccines may reduce global risks and the demand for gold. Will the XAUEUR quotations continue to decrease?
The downward movement means that gold is depreciating as the euro strengthens. Last week, American companies Moderna and Pfizer announced the creation of vaccines. A little earlier, Russia announced the creation of its own vaccine. Mass vaccination can end the coronavirus pandemic. Over the past 2 years, gold almost doubled in price, which significantly lessened the demand for the jewelry of the main buyers - Asian countries. At the same time, the share of investment demand for precious metals rose. Let's note that investment demand for gold is volatile and depends on global risks. Regarding the euro, it is worth mentioning the EU leaders' summit on Thursday and Friday. It is expected that the ECB head Christine Lagarde will speak. Most likely, this may turn out to be positive for the single European currency.
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