The price of gold fell by more than 1% on Friday as appetite for risk improved amid plans to restart the American economy and early signs of success in testing the drug for treatment COVID-19. Despite the "time lag" between the financial markets and the real economy, the restart of the US economy suggests that its recovery may occur much faster than expected, which in turn will put pressure on gold.
GOLD/USD, 30 min
Pivot: 1682.70
Analysis:
Provided that the price is below 1690.00, please follow these recommendations:
Time frame: 30 min
Recommendation: short position
Entry point: 1682.70
Take Profit 1: 1670.00
Take Profit 2: 1660.00
Alternative scenario:
In case of breakout of the level 1690.00 and the consolidation of the price above this level, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1690.00
Take Profit 1: 1695.00
Take Profit 2: 1703.00
Comment:
RSI shows the possibility of descending correction during the day.
Key levels:
Resistance
Support
1703.00
1670.00
1695.00
1660.00
1690.00
1654.00
GOLD/USD, D1
Pivot: 1685.00
Analysis:
As long as the price is below 1703.00, please follow these recommendations:
Time frame: D1
Recommendation: short position
Entry point: 1685.00
Take Profit 1: 1610.00
Take Profit 2: 1575.00
Alternative scenario:
In case of breakout of the level 1703.00 follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 1703.00
Take Profit 1: 1745.00
Take Profit 2: 1790.00
Comment:
RSI shows descending trend.
Key levels:
Resistance
Support
1790.00
1640.00
1745.00
1610.00
1703.00
1575.00
WHY TRADE WITH PAXFOREX?
We are one of the fastest growing Forex Brokers in the Market. Trade with PaxForex to get the full Forex Trading experience which is based on...