Technical Analysis XAUUSD : 2020-10-13

Recommendation for Gold: Buy

Buy Stop : Above 1935
Stop Loss : Below 1845

Indicator Value Signal
RSI Neutral
MA(200) Neutral
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Neutral

Chart 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?

interesting to see how the rest of the week goes