Source: PaxForex Premium Analytics Portal, Technical Insight

Gold closed the trading week close to 1806 and continued its movement within the growth and upward channel. The asset trades above the upper boundary of the Ichimoku Kinko Hyo Cloud which indicates a bullish trend.

GOLD/USD, 30 min

Pivot: 1807.00

Analysis:

Provided that the price is above 1799.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1807.00
• Take Profit 1: 1815.00
• Take Profit 2: 1818.00

Alternative scenario:

In case of breakdown of the level 1799.00 and the consolidation of the price below this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1799.00
• Take Profit 1: 1793.00
• Take Profit 2: 1788.00

Comment:

RSI shows the possibility of an uptrend momentum.

Key levels:

GOLD/USD, D1

Pivot: 1804.56

Analysis:

As long as the price is above 1745.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 1804.56
• Take Profit 1: 1855.00
• Take Profit 2: 1885.00

Alternative scenario:

In case of breakdown of the level 1745.00 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1745.00
• Take Profit 1: 1705.00
• Take Profit 2: 1680.00

Comment:

RSI shows an upward trend in the medium term. 

Key levels: