The gold trades almost unchanged, as the stability of the dollar after the comments of Jerome Powell, the head of the Federal Reserve, compensated for the fear of prolonged economic weakness due to the coronavirus outbreak.
GOLD/USD, 30 min
Pivot: 1730.85
Analysis:
Provided that the price is above 1722.00, please follow these recommendations:
Time frame: 30 min
Recommendation: long position
Entry point: 1730.85
Take Profit 1: 1743.00
Take Profit 2: 1748.00
Alternative scenario:
In case of breakdown of the level 1722.00 and the consolidation of the price above this level, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 1722.00
Take Profit 1: 1709.00
Take Profit 2: 1702.00
Comment:
RSI shows the possibility of an uptrend.
Key levels:
Resistance
Support
1755.00
1722.00
1748.00
1709.00
1743.00
1702.00
GOLD/USD, D1
Pivot: 1729.30
Analysis:
As long as the price is above 1680.00, please follow these recommendations:
Time frame: D1
Recommendation: long position
Entry point: 1729.30
Take Profit 1: 1745.00
Take Profit 2: 1790.00
Alternative scenario:
In case of breakdown of the level 1680.00 follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1680.00
Take Profit 1: 1645.00
Take Profit 2: 1510.00
Comment:
RSI shows an upward trend in the medium term.
Key levels:
Resistance
Support
1835.00
1680.00
1790.00
1645.00
1745.00
1610.00
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