Source: PaxForex Premium Analytics Portal, Technical Insight
The price of gold rose on Friday and can show a maximum of almost two months of weekly rise, as the news of a positive coronavirus test by U.S. President Donald Trump provoked a rush into the safe-haven assets.
GOLD/USD, 30 min
Pivot: 1893.00
Analysis:
Provided that the price is below 1904.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1893.00
- Take Profit 1: 1881.00
- Take Profit 2: 1875.00
Alternative scenario:
In case of breakout of the level 1904.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1904.00
- Take Profit 1: 1912.00
- Take Profit 2: 1917.00
Comment:
RSI shows a downtrend within a day.
Key levels:
Resistance | Support |
1917.00 | 1881.00 |
1912.00 | 1875.00 |
1904.00 | 1864.00 |
GOLD/USD, D1
Pivot: 1898.70
Analysis:
As long as the price is below 1935.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1898.70
- Take Profit 1: 1848.00
- Take Profit 2: 1815.00
Alternative scenario:
In case of breakout of the level 1935.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1935.00
- Take Profit 1: 1980.00
- Take Profit 2: 2035.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
Resistance | Support |
2035.00 | 1848.00 |
1980.00 | 1815.00 |
1935.00 | 1770.00 |