The number Covid-19 cases is growing in the world despite the vaccines
Technical Analysis Summary Gold: Buy
| Indicator | Value | Signal |
| RSI | Buy | |
| MACD | Buy | |
| 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 formed signals for further growth. We do not exclude a bullish move if XAUUSD rises above the last upper fractal: 1745. This level can be used as an entry point. We can place a stop loss below the minimum since June 2020, the last lower fractal, the lower Bollinger line, and the Parabolic signal: 1675. After opening the pending order, we can 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 (1675) without activating the order (1745), it is recommended to delete the order: the market sustains internal changes that have not been taken into account.
Fundamental Analysis of -
Precious metals rose amid the ongoing coronavirus pandemic and the weakening US dollar. Will the XAUUSD quotes continue to rise?
The coronavirus pandemic continues despite the creation of several vaccines. The number of patients has increased in India, the United States and European countries. According to the World Health Organization (WHO), the number of people infected in the world has been increasing for the 6th week in a row. At present, about 4 million people are infected in the world every week and more than 70 thousand people die. The US dollar index is declining as President Joe Biden’s new plan to allocate $2 trillion for the development of American infrastructure is being considered. Earlier, a $1.9 trillion fiscal stimulus package was adopted. Additional funds are planned to be allocated within 8 years. This infrastructure plan may be adopted by the Senate in mid-summer. Investors fear that massive economic stimulus might boost US inflation. This negatively affects the dollar exchange rate and supports the demand for precious metals.