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:

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: