The Federal Reserve cut interest rates to almost zero, resumed bond purchases and other measures from its anti-crisis arsenal, engaging the world's leading central banks in support of the global economy's coronavirus. In general, investors are mainly looking for money. They are cashing any assets they have, even gold.
GOLD/USD, 30 min
Pivot: 1482.00
Analysis:
As long as Gold is traded below 1520.00, please follow these recommendations:
Time frame: 30 min
Recommendation: short position
Entry point: 1482.00
Take Profit 1: 1451.00
Take Profit 2: 1433.00
Alternative scenario:
In case of breakdown of level 1520.00 follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1520.00
Take Profit 1: 1549.00
Take Profit 2: 1577.00
Comment:
As long as the resistance of 1520.00 is not broken-down, the risk of breaking the level of 1451.00 remains high.
Key levels:
Resistance
Support
1577.00
1451.00
1549.00
1433.00
1520.00
1406.00
GOLD/USD, D1
Pivot: 1483.00
Analysis:
As long as the price is below 1550.00, please follow these recommendations:
Time frame: D1
Recommendation: short position
Entry point: 1483.00
Take Profit 1: 1443.00
Take Profit 2: 1381.00
Alternative scenario:
In case of breakdown of level 1550.00 follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 1625.00
Take Profit 1: 1608.00
Take Profit 2: 1700.00
Comment:
RSI indicates a downward movement.
Key levels:
Resistance
Support
1700.00
1443.00
1608.00
1400.00
1550.00
1381.00
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