XAUSnP Analysis: Covid-19 epidemic resumed in US and EU

June 29, 2020

By IFCMarkets

Covid-19 epidemic resumed in US and EU

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.

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

 

Summary of technical analysis

Order Buy
Buy stop Above 0,59
Stop loss Below 0,52

Market Analysis provided by IFCMarkets


Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.




Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter