Source: PaxForex Premium Analytics Portal, Technical Insight
Gold trades at 1714 and continues to move within the framework of the decrease. GOLD/USD quotes are moving below the lower boundary of Ichimoku Kinko Hyo Cloud. This indicates a bearish trend.
GOLD/USD, 30 min
Pivot: 1709.60
Analysis:
Provided that the price is above 1705.00, please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1709.60
- Take Profit 1: 1722.00
- Take Profit 2: 1732.00
Alternative scenario:
In case of breakdown of the level 1705.00 and the consolidation of the price above this level, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1705.00
- Take Profit 1: 1696.00
- Take Profit 2: 1687.00
Comment:
RSI shows the possibility of an uptrend momentum.
Key levels:
Resistance | Support |
1745.00 | 1705.00 |
1732.00 | 1696.00 |
1722.00 | 1687.00 |
GOLD/USD, D1
Pivot: 1701.20
Analysis:
As long as the price is above 1690.00, please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1701.20
- Take Profit 1: 1765.00
- Take Profit 2: 1790.00
Alternative scenario:
In case of breakdown of the level 1690.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1690.00
- Take Profit 1: 1660.00
- Take Profit 2: 1639.00
Comment:
RSI shows an upward trend in the medium term.
Key levels:
Resistance | Support |
1805.00 | 1690.00 |
1765.00 | 1660.00 |
1745.00 | 1639.00 |