As a result of last week's trading, gold price reached its maximum since the end of 2012 amid the decline of the US dollar due to the actions of the U.S. Central Bank. As reported, the U.S. Federal Reserve on Thursday announced new lending programs and expanded existing ones in an effort to provide the economy with financial support of $2.3 trillion amid the coronavirus pandemic. Fed Chairman Jerome Powell said in a statement that the Fed is trying to "provide as much support and stability as we can" during the current crisis.
GOLD/USD, 30 min
Pivot: 1684.00
Analysis:
Provided that the price is below 1669.90, please follow these recommendations:
Time frame: 30 min
Recommendation: long position
Entry point: 1684.00
Take Profit 1: 1692.10
Take Profit 2: 1700.80
Alternative scenario:
In case of breakdown of the level 1669.90 and the consolidation of the price above this level, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 1669.90
Take Profit 1: 1661.50
Take Profit 2: 1641.35
Comment:
RSI shows the possibility of an upward trend.
Key levels:
Resistance
Support
1705.00
1669.50
1700.80
1661.50
1692.10
1641.35
GOLD/USD, D1
Pivot: 1680.00
Analysis:
As long as the price is above 1605.00, please follow these recommendations:
Time frame: D1
Recommendation: long position
Entry point: 1680.00
Take Profit 1: 1700.00
Take Profit 2: 1730.00
Alternative scenario:
In case of breakdown of the level 1605.00 follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1605.00
Take Profit 1: 1575.00
Take Profit 2: 1545.00
Comment:
Technically RSI is 50 above the neutral area.
Key levels:
Resistance
Support
1760.00
1605.00
1730.00
1575.00
1700.00
1545.00
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