Source: PaxForex Premium Analytics Portal, Technical Insight
The price of gold fell to a nearly one-week low on Thursday due to the strengthening of the dollar and growing hopes for a recovery in the global economy, which increased risk appetite.
GOLD/USD, 30 min
Pivot: 1935.56
Analysis:
Provided that the price is below 1946.00 please follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1935.56
- Take Profit 1: 1956.00
- Take Profit 2: 1970.00
Alternative scenario:
In case of breakout of the level 1946.00 follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1946.00
- Take Profit 1: 1956.00
- Take Profit 2: 1970.00
Comment:
RSI shows a downtrend within a day.
Key levels:
Resistance | Support |
1970.00 | 1922.00 |
1956.00 | 1910.00 |
1946.00 | 1900.00 |
GOLD/USD, D1
Pivot: 1964.50
Analysis:
As long as the price is above 1910.00 please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1964.50
- Take Profit 1: 2015.00
- Take Profit 2: 2075.00
Alternative scenario:
In case of breakdown of the level 1910.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1910.00
- Take Profit 1: 1880.00
- Take Profit 2: 1840.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
Resistance | Support |
2140.00 | 1910.00 |
2075.00 | 1880.00 |
2015.00 | 1840.00 |