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GOLD/USD | Gold to US Dollar Trading Analysis
The price of gold dropped slightly on Wednesday, while markets were waiting for the U.S. Congress to adopt a $2 trillion support package to mitigate the coronavirus outbreak. U.S. senators and officials of the U.S. Presidential Administration Donald Trump reached an agreement on a massive stimulus package, said Wednesday the White House spokesman Eric Ueland.
GOLD/USD, 30 min
Pivot: 1608.00
Analysis:
Provided that the price is below 1620.00, please follow these recommendations:
Time frame: 30 min
Recommendation: short position
Entry point: 1608.00
Take Profit 1: 1585.00
Take Profit 2: 1564.00
Alternative scenario:
In case of breakdown of the level 1620.00 and the consolidation of the price above this level, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1620.00
Take Profit 1: 1643.00
Take Profit 2: 1653.00
Comment:
Gold during the day: currently there is a short-term consolidation on the market. While 1620.00 remains a resistance, the rate is expected to return to 1585.00.
Key levels:
Resistance
Support
1653.00
1585.00
1643.00
1564.00
1620.00
1544.00
GOLD/USD, D1
Pivot: 1618.00
Analysis:
As long as the price is below 1627.00, please follow these recommendations:
Time frame: D1
Recommendation: short position
Entry point: 1618.00
Take Profit 1: 1545.00
Take Profit 2: 1451.00
Alternative scenario:
In case of breakdown of the level 1627.00 follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 1627.00
Take Profit 1: 1660.00
Take Profit 2: 1697.00
Comment:
RSI shows a long-term downtrend.
Key levels:
Resistance
Support
1627.50
1545.00
1660.50
1451.50
1697.50
1365.00
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