Source: PaxForex Premium Analytics Portal, Technical Insight
Gold futures prices declined during Asian trading on Thursday. On COMEX, a division of the New York Mercantile Exchange, gold futures for delivery in February are trading at $1.918.95 per troy ounce, down 0.54% at the time of writing this commentary.
GOLD/USD, 30 min
Pivot: 1920.00
Analysis:
Provided that the price is above 1908.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1920.00
- Take Profit 1: 1934.00
- Take Profit 2: 1945.00
Alternative scenario:
In case of breakdown of the level 1908.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1908.00
- Take Profit 1: 1900.00
- Take Profit 2: 1890.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1959.00 | 1908.00 |
| 1945.00 | 1900.00 |
| 1934.00 | 1890.00 |
GOLD/USD, D1
Pivot: 1921.00
Analysis:
Provided that the price is above 1860.00, follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1921.00
- Take Profit 1: 1960.00
- Take Profit 2: 2000.00
Alternative scenario:
In case of breakdown of the level 1860.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1860.00
- Take Profit 1: 1820.00
- Take Profit 2: 1775.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 2085.00 | 1860.00 |
| 2000.00 | 1820.00 |
| 1960.00 | 1775.00 |
