Gold prices were boosted by the news of the shutdown of Valcambi, Argor Heraeus and PAMP refineries in Switzerland, which account for about a third of the world's gold supply. Valcambi and PAMP said that due to the coronavirus COVID-19 will stop working from March 23 to March 29, while Argor will stop until April 5.
GOLD/USD, 30 min
Pivot: 1615.00
Provided that the price is below 1608.00, please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1615.00
- Take Profit 1: 1645.00
- Take Profit 2: 1659.00
Alternative scenario:
In case of breakdown of the level 1608.00 and the consolidation of the price above this level, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1608.00
- Take Profit 1: 1594.00
- Take Profit 2: 1578.00
Comment:
Gold during the day: intraday support line is at 1608.00. RSI is mixed, rather bullish.
Key levels:
Resistance | Support |
1696.90 | 1608.00 |
1659.00 | 1594.00 |
1645.00 | 1578.00 |
GOLD/USD, D1
Pivot: 1630.00
As long as the price is below 1635.00, please follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1630.00
- Take Profit 1: 1535.00
- Take Profit 2: 1451.00
Alternative scenario:
In case of breakdown of the level 1635.00 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1635.00
- Take Profit 1: 1702.00
- Take Profit 2: 1662.00
Comment:
RSI shows a long downtrend.
Key levels:
Resistance | Support |
1702.50 | 1535.20 |
1662.00 | 1451.50 |
1635.30 | 1400.00 |
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