GOLD/USD | Gold to US Dollar Trading Analysis
GOLD/USD | Gold to US Dollar Trading Analysis
Written by: PaxForex analytics dept - Wednesday, 07 October 2020 0 comments
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:
Resistance | Support |
1906.00 | 1873.00 |
1898.00 | 1864.00 |
1891.00 | 1856.00 |
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:
Resistance | Support |
2035.00 | 1848.00 |
1980.00 | 1815.00 |
1935.00 | 1770.00 |