Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices declined on Monday as U.S. government bond yields rose and the dollar gained ground after U.S. labor statistics exceeded expectations, bolstering optimism that the economy is recovering fast. Gold regained ground late in the session.
GOLD/USD, 30 min
Pivot: 1733.00
Analysis:
Provided that the price is above 1721.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1733.00
- Take Profit 1: 1739.00
- Take Profit 2: 1753.00
Alternative scenario:
In case of breakdown of the level 1721.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1721.00
- Take Profit 1: 1710.00
- Take Profit 2: 1705.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1763.00 | 1721.00 |
| 1753.00 | 1710.00 |
| 1739.00 | 1705.00 |
GOLD/USD, D1
Pivot: 1712.00
Analysis:
Provided that the price is below 1760.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1712.00
- Take Profit 1: 1675.00
- Take Profit 2: 1640.00
Alternative scenario:
In case of breakout of the level 1760.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1760.00
- Take Profit 1: 1795.00
- Take Profit 2: 1835.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1850.00 | 1600.00 |
| 1820.00 | 1570.00 |
| 1755.00 | 1500.00 |
