Source: PaxForex Premium Analytics Portal, Technical Insight
Gold futures prices increased during Asian trading on Tuesday. On COMEX, a division of the New York Mercantile Exchange, gold futures for April delivery are trading at $1,687.65 per troy ounce, up 0.58% at the time of writing this commentary.
GOLD/USD, 30 min
Pivot: 1689.00
Analysis:
Provided that the price is below 1696.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1689.00
- Take Profit 1: 1676.00
- Take Profit 2: 1668.00
Alternative scenario:
In case of breakout of the level 1696.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1696.00
- Take Profit 1: 1704.00
- Take Profit 2: 1714.00
Comment:
RSI shows a downtrend within a day.
Key levels:
| Resistance | Support |
| 1714.00 | 1676.00 |
| 1704.00 | 1668.00 |
| 1696.00 | 1660.00 |
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: 1711.00
- 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 |
| 1.1700 | 1.1100 |
| 1.1565 | 1.0990 |
| 1.1451 | 1.0880 |
