Gold is being traded at the level of 1705 and continues to move within the framework of correction and formation of the "Triangle" model. XAU/USD quotes are moving inside the boundary of Ichimoku Kinko Hyo Cloud. It indicates the presence of a sideways trend in Gold. Within the Gold price forecast for May 5, 2020. An attempt to drop the prices of the precious metal and a test of the lower boundary of the Ichimoku Kinko Hyo Cloud near the level of 1698 are expected.
GOLD/USD, 30 min
Pivot: 1698.35
Analysis:
Provided that the price is below 1706.00, please follow these recommendations:
Time frame: 30 min
Recommendation: short position
Entry point: 1698.35
Take Profit 1: 1690.00
Take Profit 2: 1684.00
Alternative scenario:
In case of breakout of the level 1706.00 and the consolidation of the price above this level, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1706.00
Take Profit 1: 1710.00
Take Profit 2: 1715.00
Comment:
RSI shows the possibility of a descending trend during the day.
Key levels:
Resistance
Support
1715.00
1690.00
1710.00
1684.00
1706.00
1678.00
GOLD/USD, D1
Pivot: 1673.08
Analysis:
As long as the price is above 1645.00, please follow these recommendations:
Time frame: D1
Recommendation: long position
Entry point: 1673.08
Take Profit 1: 1745.00
Take Profit 2: 1790.00
Alternative scenario:
In case of breakout of the level 1645.00 follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1645.00
Take Profit 1: 1610.00
Take Profit 2: 1575.00
Comment:
RSI shows an upward trend in the medium term.
Key levels:
Resistance
Support
1835.00
1645.00
1790.00
1610.00
1745.00
1575.00
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