Source: PaxForex Premium Analytics Portal, Technical Insight
The price of gold fell to an almost nine-month low on Friday as higher bond yields and a strong dollar continued to reduce the appeal of the precious metal. Hopes that the U.S. Federal Reserve will take steps to curb rising yields also declined.
GOLD/USD, 30 min
Pivot: 1702.00
Analysis:
Provided that the price is above 1696.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1702.00
- Take Profit 1: 1714.00
- Take Profit 2: 1723.00
Alternative scenario:
In case of breakdown of the level 1696.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1696.00
- Take Profit 1: 1686.00
- Take Profit 2: 1676.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1732.00 | 1696.00 |
| 1723.00 | 1686.00 |
| 1714.00 | 1676.00 |
GOLD/USD, D1
Pivot: 1711.00
Analysis:
Provided that the price is below 1780.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1737.00
- Take Profit 1: 1670.00
- Take Profit 2: 1610.00
Alternative scenario:
In case of breakout of the level 1780.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1780.00
- Take Profit 1: 1820.00
- Take Profit 2: 1850.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1850.00 | 1670.00 |
| 1820.00 | 1610.00 |
| 1780.00 | 1570.00 |
