Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. economic recovery is far from over and could still slide down a downward spiral if the coronavirus is not effectively controlled and growth is not sustainable, Federal Reserve Chairman Jerome Powell warned Tuesday, calling for more help for businesses and households.

GOLD/USD, 30 min

Pivot: 1883.00

Analysis:

Provided that the price is below 1891.00, follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1883.00
• Take Profit 1: 1873.00
• Take Profit 2: 1864.00  

Alternative scenario:

In case of breakout of the level 1891.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1891.00
• Take Profit 1: 1898.00
• Take Profit 2: 1906.00

Comment:

RSI shows a downtrend within a day.

Key levels:

GOLD/USD, D1

Pivot: 1878.33

Analysis:

As long as the price is below 1935.00, follow these recommendations:

• Time frame: D1
• Recommendation: short position
• Entry point: 1878.33
• 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: