Source: PaxForex Premium Analytics Portal, Technical Insight
China's largest foreign exchange reserves in the world fell in October for the second month in a row - to a minimum level since June - amid a strengthening yuan against the U.S. dollar. Their volume fell by $14.58 billion - to $3.128 trillion, according to the People's Bank of China (NBK).
Gold reserves in value terms in China in October fell to $ 117.89 billion compared to $ 118.2 billion a month earlier, said the NBK. Meanwhile, the reserves remained at 62.64 million ounces for the 13th consecutive month.
GOLD/USD, 30 min
Pivot: 1962.00
Analysis:
Provided that the price is above 1949.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1962.00
- Take Profit 1: 1980.00
- Take Profit 2: 1990.00
Alternative scenario:
In case of breakdown of the level 1949.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1949.00
- Take Profit 1: 1935.00
- Take Profit 2: 1925.00
Comment:
RSI shows an uptrend within a day.
Key levels:
Resistance | Support |
2000.00 | 1949.00 |
1990.00 | 1935.00 |
1980.00 | 1925.00 |
GOLD/USD, D1
Pivot: 1957.00
Analysis:
As long as the price is above 1881.00, follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1957.00
- Take Profit 1: 1980.00
- Take Profit 2: 2075.00
Alternative scenario:
In case of breakdown of the level 1881.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1881.00
- Take Profit 1: 1845.00
- Take Profit 2: 1815.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
Resistance | Support |
2180.00 | 1881.00 |
2075.00 | 1845.00 |
1980.00 | 1815.00 |