Source: PaxForex Premium Analytics Portal, Technical Insight
Gold declined on Friday amid a rising dollar and U.S. government bond yields. The spot gold price fell to $1.731.18 per troy ounce.
GOLD/USD, 30 min
Pivot: 1738.00
Analysis:
Provided that the price is below 1746.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1738.00
- Take Profit 1: 1730.00
- Take Profit 2: 1724.00
Alternative scenario:
In case of breakdown of the level 1746.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1746.00
- Take Profit 1: 1753.00
- Take Profit 2: 1758.00
Comment:
RSI shows a downtrend within a day.
Key levels:
| Resistance | Support |
| 1763.00 | 1721.00 |
| 1753.00 | 1710.00 |
| 1739.00 | 1705.00 |
GOLD/USD, D1
Pivot: 1742.00
Analysis:
Provided that the price is below 1760.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1742.00
- Take Profit 1: 1700.00
- Take Profit 2: 1675.00
Alternative scenario:
In case of breakout of the level 1760.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1760.00
- Take Profit 1: 1795.00
- Take Profit 2: 1835.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1835.00 | 1700.00 |
| 1795.00 | 1675.00 |
| 1760.00 | 1640.00 |
