Gold vs SP500 Technical Analysis | Gold vs SP500 Trading: 2020-06-29 | IFCM UAE
IFC Markets Online CFD Broker

Gold vs SP500 Technical Analysis - Gold vs SP500 Trading: 2020-06-29

Gold vs SP500 Technical Analysis Summary

Accelerometer arrow
Strong SellSellNeutralBuyStrong Buy

Above 0,59

Buy Stop

Below 0,52

Stop Loss

Mary Wild
Senior Analytical Expert
Articles 2058
IndicatorSignal
RSI Neutral
MACD Buy
MA(200) Neutral
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Buy

Gold vs SP500 Chart Analysis

Gold vs SP500 Chart Analysis

Gold vs SP500 Technical Analysis

On the daily timeframe, XAUSnP: D1 went out of the downtrend. A number of indicators of technical analysis formed signals for a further increase. We do not exclude bullish movement if XAUSnP rises above the last upper fractal: 0.59. This level can be used as an entry point. We can set a stop loss below the Parabolic signal, the 200-day moving average line and the last 2 lower fractals: 0.52. After opening the 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 a four-hour chart and set a stop loss, moving it in the direction of the trend. If the price meets the stop loss level (0.52) without activating the order (0.59), it is recommended to delete the order: some internal changes in the market have not been taken into account.

Fundamental Analysis of Gold Instruments - Gold vs SP500

In the United States and other countries, the number of Covid-19 patients is increasing. This could slow down the world economic recovery and increase global risks. Will the gold instrument XAUSnP quotes rise?

The upward movement is observed when gold rises in price and the S&P500 stock index decreases. In the USA, there is an increase in coronavirus cases, which may have a negative impact on the economy and stock prices. However, gold may be in demand as a protective asset. Several US states (Alabama, California, Idaho, Mississippi, Missouri, Nevada, Oklahoma, South Carolina, and Wyoming) announced a record increase in Covid-19 cases last week. Texas and Florida have restored a number of quarantine measures. There are currently 2.5 million people in the United States who have contracted the disease. Of these, 127,000 have already died and 700,000 have recovered (i.e. since the epidemic began). In the European Union, there are 750,000 patients with coronavirus, of whom 61,000 died. According to the World Health Organization (WHO), this week the number of Covid-19 patients worldwide will reach 10 million, and the number of deaths - 500 thousand. Probably, the quotes of this gold instrument may depend on information on the development of the situation with the coronavirus pandemic in the world and in the USA.

IFCM Trading Academy - New era in Forex education
Pass Your Course:
  • Get Certificate
trading academy

The best trading conditions and high-level services for our clients

We are ready to assist you on any issue 24 hours a day.

Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

Close support
Call to Skype Call to WhatsApp Call to telegram Call Back Call to messenger