Financial market participants continue to sell out and liquidate positions, finding shelter in cash and hardly reacting to the decisions of the authorities, who are trying to support the economic slowdown due to coronavirus, which in turn affects the price of gold.
GOLD/USD, 30 min
Pivot: 1490.00
Analysis:
In case of a breakdown of the level 1500.00, please follow these recommendations:
Time frame: 30 min
Recommendation: short position
Entry point: 1490.00
Take Profit 1: 1464.00
Take Profit 2: 1451.00
Alternative scenario:
In case of breakdown of the level 1500.00 and the consolidation of the price above this level, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1500.00
Take Profit 1: 1523.00
Take Profit 2: 1546.00
Comment:
The RSI shows a bearish sentiment and indicates a downward momentum.
Key levels:
Resistance
Support
1546.00
1464.00
1523.00
1451.00
1500.00
1430.00
GOLD/USD, D1
Pivot: 1485.00
Analysis:
As long as the price is below 1545.00, please follow these recommendations:
Time frame: D1
Recommendation: short position
Entry point: 1485.00
Take Profit 1: 1425.00
Take Profit 2: 1365.00
Alternative scenario:
In case of breakdown of the level 1545.00 follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 1545.00
Take Profit 1: 1590.00
Take Profit 2: 1635.00
Comment:
RSI shows a long-term downtrend.
Key levels:
Resistance
Support
1635.00
1425.00
1590.00
1365.00
1545.00
1320.00
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