The price of gold, which closes low for couple days in a row, amid reports from China that the coronavirus epidemic began to decline. In the past 24 hours, only 15 people have been infected with the virus. This may indicate the resumption of trading activity, which will lead to the growth of the Chinese economy accordingly.
GOLD/USD, 30 min
Pivot: 1632.00
Analysis:
As long as Gold is traded above 1650.00, please follow these recommendations:
Time frame: 30 min
Recommendation: short position
Entry point: 1632.00
Take Profit 1: 1623.00
Take Profit 2: 1611.00
Alternative scenario:
In case of breakdown of level 1650.00 follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1650.00
Take Profit 1 - 1656.00
Take Profit 2 - 1663.00
Comment:
RSI shows descending movement and indicates the cancellation of the main upward trend.
Key levels:
Resistance
Support
1663.00
1623.00
1656.00
1611.00
1650.00
1600.00
GOLD/USD, D1
Pivot: 1634.00
Analysis:
As long as the price is above 1700.00, please follow these recommendations:
Time frame: D1
Recommendation: short position
Entry point: 1634.00
Take Profit 1 - 1595.00
Take Profit 2 - 1555.00
Alternative scenario:
In case of breakdown of level 1700.00 follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 1700.00
Take Profit 1: 1730.00
Take Profit 2: 1765.00
Comment:
RSI indicates a downward movement.
Key levels:
Resistance
Support
1765.00
1595.00
1730.00
1555.00
1700.00
1530.00
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