Source: PaxForex Premium Analytics Portal, Technical Insight
China's foreign currency reserves, the world's largest, declined by $5.9 billion to $3.211 trillion in January, according to data released by the People's Bank of China (PBOC). China's gold reserves in value terms shrank to $116.76 billion from $118.25 billion in December, the NBK said. Meanwhile, reserves remained at 62.64 million ounces for the 16th consecutive month.
GOLD/USD, 30 min
Pivot: 1810.00
Analysis:
Provided that the price is above 1801.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1810.00
- Take Profit 1: 1827.00
- Take Profit 2: 1837.00
Alternative scenario:
In case of breakdown of the level 1801.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1801.00
- Take Profit 1: 1793.00
- Take Profit 2: 1785.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1845.00 | 1801.00 |
| 1837.00 | 1793.00 |
| 1827.00 | 1785.00 |
GOLD/USD, D1
Pivot: 1812.00
Analysis:
Provided that the price is below 1870.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1812.00
- Take Profit 1: 1765.00
- Take Profit 2: 1710.00
Alternative scenario:
In case of breakout of the level 1870.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1870.00
- Take Profit 1: 1920.00
- Take Profit 2: 1965.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1965.00 | 1765.00 |
| 1920.00 | 1710.00 |
| 1870.00 | 1670.00 |
