Source: PaxForex Premium Analytics Portal, Technical Insight

FT found out about the export of gold from Hong Kong by rich people because of new laws in China. The export of gold from Hong Kong began in 2019 when anti-government actions were held in the city, but after the adoption of the law on national security, the trend increased. During the year, investors have withdrawn about 10% of gold reserves.

GOLD/USD, 30 min

Pivot: 2027.89

Analysis:

Provided that the price is below 2047.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 2027.89
• Take Profit 1: 2015.00
• Take Profit 2: 2000.00

Alternative scenario:

In case of breakout of the level 2047.00 and the consolidation of the price above this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 2047.00
• Take Profit 1: 2064.00
• Take Profit 2: 2075.00

Comment:

RSI shows the possibility of a descending momentum.

Key levels:

GOLD/USD, D1 

Pivot: 2030.11

Analysis:

As long as the price is above 1975.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 2030.11
• Take Profit 1: 2100.00
• Take Profit 2: 2140.00

Alternative scenario:

In case of breakdown of the level 1975.00 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1975.00
• Take Profit 1: 1928.00
• Take Profit 2: 1880.00

Comment:

RSI shows an uptrend in the medium term. 

Key levels: