Source: PaxForex Premium Analytics Portal, Technical Insight

Gold futures prices declined during Asian trading on Tuesday. On COMEX, a division of the New York Mercantile Exchange, gold futures for delivery in April are trading at $1,711.75 per troy ounce.

GOLD/USD, 30 min

Pivot: 1712.00

Analysis:

Provided that the price is below 1728.00, follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1712.00
• Take Profit 1: 1704.00
• Take Profit 2: 1691.00 

Alternative scenario:

In case of breakout of the level 1728.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1728.00
• Take Profit 1: 1742.00
• Take Profit 2: 1759.00

Comment:

RSI shows a downtrend within a day.

Key levels:

GOLD/USD, D1

Pivot: 1737.00

Analysis:

Provided that the price is below 1815.00, follow these recommendations:

• Time frame: D1
• Recommendation: short position
• Entry point: 1737.00
• Take Profit 1: 1670.00
• Take Profit 2: 1610.00 

Alternative scenario:

In case of breakout of the level 1815.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1815.00
• Take Profit 1: 1855.00
• Take Profit 2: 1890.00

Comment:

RSI shows a downtrend in the medium term. 

Key levels: