June gold futures reached $1788.8 per ounce at Comex on April 14. According to MarketWatch estimates, this is close to the highest level since 2011. The prices are supported by concerns about the global economy, as well as quarterly results of companies. "Major corporate reports are beginning to be published, which will reflect the first impact of the COVID-19 pandemic and will serve as a sobering reminder of what difficult times in the economy are now," - quoted by MarketWatch analysts Kitco. For example, the net profit of JPMorgan Chase & Co. (SPB: JPM), the largest bank in the U.S. by asset size, fell by 69%.
GOLD/USD, 30 min
Pivot: 1715.00
Analysis:
Provided that the price is above 1715.00, please follow these recommendations:
Time frame: 30 min
Recommendation: long position
Entry point: 1715.00
Take Profit 1: 1738.00
Take Profit 2: 1747.00
Alternative scenario:
In case of breakdown of the level 1715.00 and the consolidation of the price above this level, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 1715.00
Take Profit 1: 1706.00
Take Profit 2: 1696.00
Comment:
RSI shows the possibility of an upward trend.
Key levels:
Resistance
Support
1758.00
1715.00
1747.00
1706.00
1738.00
1696.00
GOLD/USD, D1
Pivot: 1723.82
Analysis:
As long as the price is above 1640.00, please follow these recommendations:
Time frame: D1
Recommendation: long position
Entry point: 1723.82
Take Profit 1: 1790.00
Take Profit 2: 1840.00
Alternative scenario:
In case of breakdown of the level 1640.00 follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1640.00
Take Profit 1: 1575.00
Take Profit 2: 1545.00
Comment:
RSI shows the possibility of developing an upward trend.
Key levels:
Resistance
Support
1885.00
1640.00
1840.00
1575.00
1790.00
1545.00
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