Source: PaxForex Premium Analytics portal, Technical Insight

Gold trades at 1739 and continues to move within the growth framework. GOLD/USD quotes are moving above the upper boundary of Ichimoku Kinko Hyo Cloud. This indicates a bullish trend.

GOLD/USD, 30 min

Pivot: 1736.60

Analysis:

Provided that the price is above 1732.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1736.60
• Take Profit 1: 1744.00
• Take Profit 2: 1750.00

Alternative scenario:

In case of breakdown of the level 1732.00 and the consolidation of the price above this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1732.00
• Take Profit 1: 1727.00
• Take Profit 2: 1722.00

Comment:

RSI shows the possibility of an uptrend.

Key levels:

GOLD/USD, D1

Pivot: 1740.00

Analysis:

As long as the price is above 1695.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 1740.00
• Take Profit 1: 1765.00
• Take Profit 2: 1805.00

Alternative scenario:

In case of breakdown of the level 1695.00 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1695.00
• Take Profit 1: 1660.00
• Take Profit 2: 1610.00

Comment:

RSI shows an upward trend in the medium-term. 

Key levels: