Source: PaxForex Premium Analytics Portal, Technical Insight
In November, the outflow of gold from ETF (exchange-traded funds) amounted to 107.1 tons for $6.8 billion, estimated by the World Gold Council (WGC). This is the first gold outflow from the ETF in the last 12 months, also, one of the most impressive in history (an outflow of a large amount - $ 8 billion - was only in April 2013).
GOLD/USD, 30 min
Pivot: 1839.00
Analysis:
Provided that the price is below 1850.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1839.00
- Take Profit 1: 1825.00
- Take Profit 2: 1815.00
Alternative scenario:
In case of breakout of the level 1850.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1850.00
- Take Profit 1: 1865.00
- Take Profit 2: 1875.00
Comment:
RSI shows a downtrend within a day.
Key levels:
| Resistance | Support |
| 1869.00 | 1829.00 |
| 1861.00 | 1817.00 |
| 1851.00 | 1807.00 |
GOLD/USD, D1
Pivot: 1862.00
Analysis:
Provided that the price is below 1915.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1862.00
- Take Profit 1: 1765.00
- Take Profit 2: 1735.00
Alternative scenario:
In case of breakout of the level 1915.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1915.00
- Take Profit 1: 1965.00
- Take Profit 2: 2000.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1965.00 | 1735.00 |
| 1915.00 | 1670.00 |
| 1875.00 | 1615.00 |
