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:

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: