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Gold has always been my favorite in times of economic downturn, it never fails to rise and I hope you guys get to capitalize on these opportunities in spite of the crisis. WE MAKE THE BEST OUT OF THE SITUATION
Technical Analysis:
H1 Timeframe shows us that XAUUSD had broken out of a descending wedge, forming a Bullish Flag at 1713-1720 range. Technical indicators MACD and Stochastics show a bearish pattern forming, with stochastics pointing to a crossover back below the 80 point buy zone. Therefore I would propose a SHORT Opportunity to TP1 @ 1710, a very strong support level (previously a strong resistance line). Thereafter, a BUY opportunity from 1710 to TP1 @ 1720 and TP2 @ 1735. Always remember to place stop losses.
Fundamental Analysis:
LONG for GOLD
Friday today sees a dip in the USD amongst negative interest rates concerns, undermining the yield advantage of holding dollar-denominated assets.. Thursday’s initial claims report revealed that 3.169 million Americans claimed unemployment last week, meaning more than 33 million have now filed for support since the coronavirus pandemic ripped through the economy. Not to mention that the April employment report is due at 8:30 AM ET (12:30 GMT) 8 May 2020, and will capture an entire month of lockdown measures that brought large parts of the economy to a standstill (forecast -22000K vs prev -701K --> www.investing.com/ne...tes-concerns-2165280)
All the above points to a weaker Dollar (due to a weaker US economy), traditionally seen as the world's leading reserve currency, and when the value of this currency USD is projected to drop, automatically, investors shift their holdings onto the standard hedge for inflation: GOLD.
Definitely a long term BUY pressure on XAUUSD for now.
Thank you for reading my two cents and feel free to comment and feedback.
Remember to like and follow if you like what you see here!
I would be putting out more analysis for you guys so good luck!
Regards,
Gol D Roger,
A humble beginner trader
Gold has always been my favorite in times of economic downturn, it never fails to rise and I hope you guys get to capitalize on these opportunities in spite of the crisis. WE MAKE THE BEST OUT OF THE SITUATION
Technical Analysis:
H1 Timeframe shows us that XAUUSD had broken out of a descending wedge, forming a Bullish Flag at 1713-1720 range. Technical indicators MACD and Stochastics show a bearish pattern forming, with stochastics pointing to a crossover back below the 80 point buy zone. Therefore I would propose a SHORT Opportunity to TP1 @ 1710, a very strong support level (previously a strong resistance line). Thereafter, a BUY opportunity from 1710 to TP1 @ 1720 and TP2 @ 1735. Always remember to place stop losses.
Fundamental Analysis:
LONG for GOLD
Friday today sees a dip in the USD amongst negative interest rates concerns, undermining the yield advantage of holding dollar-denominated assets.. Thursday’s initial claims report revealed that 3.169 million Americans claimed unemployment last week, meaning more than 33 million have now filed for support since the coronavirus pandemic ripped through the economy. Not to mention that the April employment report is due at 8:30 AM ET (12:30 GMT) 8 May 2020, and will capture an entire month of lockdown measures that brought large parts of the economy to a standstill (forecast -22000K vs prev -701K --> www.investing.com/ne...tes-concerns-2165280)
All the above points to a weaker Dollar (due to a weaker US economy), traditionally seen as the world's leading reserve currency, and when the value of this currency USD is projected to drop, automatically, investors shift their holdings onto the standard hedge for inflation: GOLD.
Definitely a long term BUY pressure on XAUUSD for now.
Thank you for reading my two cents and feel free to comment and feedback.
Remember to like and follow if you like what you see here!
I would be putting out more analysis for you guys so good luck!
Regards,
Gol D Roger,
A humble beginner trader
거래청산: 타겟 닿음:
Take profit for SELL to 1710 wooooo
This is due the bearish double top formation, and large selling volumes on H1 Timeframe