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Gold - Usd Dollar Analysis

US Session Analysis for CFD Instruments 06/08/2020

Fundamental analysis

06 August, 2020

Gold extended its rally on Thursday to within touch of the previous day's record peak, as the COVID-19 pandemic clouded the economic outlook and boosted bullion's safe-haven allure, though the rapid pace of gains could prompt some profit-taking. Gold's gains also came despite a slight uptick in the U.S. dollar, which also benefited from receding risk sentiment as investors awaited U.S. jobs data for confirmation on the state of the world's largest economy even as Washington remained deadlocked over a large relief package. The U.S. jobless claims are due at 1330 GMT+1, while payrolls figures will be released on Friday. Gold has rallied about 35% this year as it's considered an asset that should hold its value while the pandemic and money printing by central banks erode the value of others.

Technical analysis

Gold - Usd Dollar Analysis Technical analysis 06/08/2020
Time Frame: 1 hour

GOLD Support & Resistance Table - 06/08/2020

Support & Resistance Level Explanation
Resistance 2 2077.42 Daily R2
Resistance 1 2065.81 Daily R1
Support 1 2034.87 Daily S1
Support 2 2023.26 Daily S2

GOLD Indicator Table - 06/08/2020

Indicator Signal
SMA 20 Buy
SMA 50 Buy
SMA 100 Buy
MACD( 12;26;9) Buy
RSI (14) Buy
Stochastic ( 9;6;3) Buy

GOLD Indicator / Period Table - 06/08/2020

Indicator / Period Day - BuyWeek - BuyMonth - Buy
MACD( 12;26;9) Buy BuyBuy
RSI (14) Buy BuyBuy
SMA 20 Buy BuyBuy

GOLD 06/08/2020 - Reference Price : 2050.34

Buy
Simple Moving AverageBuy (3)Sell (0)
Technical Indicators - OscillatorsBuy (3)Sell (0)
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