Gold is being traded at 1720 and continues to move within the growth framework. XAU/USD quotes are moving above the upper boundary of Ichimoku Kinko Hyo Cloud. This indicates a bullish trend. As part of the Gold price forecast for April 16, 2020, an attempt to fall in prices for the precious metal is expected.
GOLD/USD, 30 min
Pivot: 1715.00
Provided that the price is above 1728.00, please follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1715.00
- Take Profit 1: 1706.00
- Take Profit 2: 1696.00
Alternative scenario:
In case of breakout of the level 1728.00 and the consolidation of the price above this level, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1728.00
- Take Profit 1: 1738.00
- Take Profit 2: 1747.00
Comment:
RSI shows the possibility of descending correction during the day.
Key levels:
Resistance | Support |
1747.00 | 1706.00 |
1738.00 | 1696.00 |
1728.00 | 1684.00 |
GOLD/USD, D1
Pivot: 1714.00
As long as the price is above 1650.00, please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1714.00
- Take Profit 1: 1750.00
- Take Profit 2: 1790.00
Alternative scenario:
In case of breakdown of the level 1650.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1650.00
- Take Profit 1: 1610.00
- Take Profit 2: 1575.00
Comment:
RSI shows an uptrend.
Key levels:
Resistance | Support |
1835.00 | 1650.00 |
1790.00 | 1610.00 |
1750.00 | 1575.00 |
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