Bloomberg writes that the Bank of America (NYSE: BAC) has improved its 18-month gold price forecast. Bank analysts expect the price of the precious metal to reach $3000 in a year and a half. This year the average price of gold will be $ 1,695 per ounce, and next year it will rise to $2063, analysts say. The current record was slightly over $1921 and was set in September 2011. On Tuesday, the spot price of gold was on average $1678 per ounce and showed an 11% increase since the beginning of the year.
GOLD/USD, 30 min
Pivot: 1712.34
Analysis:
Provided that the price is above 1702.00, please follow these recommendations:
Time frame: 30 min
Recommendation: long position
Entry point: 1712.34
Take Profit 1: 1722.00
Take Profit 2: 1730.00
Alternative scenario:
In case of breakdown of the level 1702.00 and the consolidation of the price above this level, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 1702.00
Take Profit 1: 1691.00
Take Profit 2: 1678.00
Comment:
RSI shows the possibility of an upward trend during the day.
Key levels:
Resistance
Support
1739.00
1702.00
1730.00
1691.00
1722.00
1678.00
GOLD/USD, D1
Pivot: 1712.90
Analysis:
As long as the price is above 1645.00, please follow these recommendations:
Time frame: D1
Recommendation: long position
Entry point: 1712.90
Take Profit 1: 1745.00
Take Profit 2: 1790.00
Alternative scenario:
In case of breakout of the level 1645.00 follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1645.00
Take Profit 1: 1610.00
Take Profit 2: 1575.00
Comment:
RSI shows an upward trend.
Key levels:
Resistance
Support
1835.00
1645.00
1790.00
1610.00
1745.00
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...