Source: PaxForex Premium Analytics Portal, Technical Insight

Fears of global economic recovery from the coronavirus pandemic are pushing investors to invest in stable gold. On Wednesday, July 8, the value of the precious metal jumped sharply to a nine-year high.

GOLD/USD, 30 min

Pivot: 1811.20

Analysis:

Provided that the price is above 1800.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1811.20
• Take Profit 1: 1818.00
• Take Profit 2: 1826.00

Alternative scenario:

In case of breakdown of the level 1800.00 and the consolidation of the price below this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1800.00
• Take Profit 1: 1792.00
• Take Profit 2: 1786.00

Comment:

RSI shows the possibility of ascending momentum.

Key levels:

GOLD/USD, D1

Pivot: 1809.40

Analysis:

As long as the price is above 1745.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 1809.00
• Take Profit 1: 1855.00
• Take Profit 2: 1885.00

Alternative scenario:

In case of breakdown of the level 1745.00 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1745.00
• Take Profit 1: 1705.00
• Take Profit 2: 1680.00

Comment:

RSI shows an uptrend in the medium term. 

Key levels: