June 8, 2020
By IFCMarkets
Precious metal prices may be affected by the possible strengthening of the dollar
As a rule, the value of precious metals moves in the opposite direction to the dollar index. Investors regard them as an alternative to the American currency. In May, the number of new jobs in the US non-agricultural sector (Non Farm Payrolls) increased unexpectedly by 2.5 million. This is much better than the forecast of job cuts by 8 million, and also better than the April figure (-20.7 million). Good labor-market performance may indicate a recovery of the US economy hit by the coronavirus pandemic.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Sell | |
| MACD | Sell | |
| MA(200) | Neutral | |
| Fractals | Neutral | |
| Parabolic SAR | Sell | |
| Bollinger Bands | Neutral |
Summary of technical analysis
| Order | Sell |
| Buy stop | Below 17.1 |
| Stop loss | Above 18.4 |
Market Analysis provided by IFCMarkets
