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:

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: