Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices have changed little since Tuesday as concerns over the wide availability of a potential coronavirus vaccine and expectations of new incentives offset the effects of demand on risk assets and the strengthening dollar.
GOLD/USD, 30 min
Pivot: 1879.00
Analysis:
Provided that the price is above 1867.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1879.00
- Take Profit 1: 1890.00
- Take Profit 2: 1900.00
Alternative scenario:
In case of breakdown of the level 1867.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1867.00
- Take Profit 1: 1857.00
- Take Profit 2: 1850.00
Comment:
RSI shows an uptrend within a day.
Key levels:
Resistance | Support |
1912.00 | 1867.00 |
1900.00 | 1857.00 |
1890.00 | 1850.00 |
GOLD/USD, D1
Pivot: 1871.59
Analysis:
As long as the price is below 1925.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1871.59
- Take Profit 1: 1845.00
- Take Profit 2: 1800.00
Alternative scenario:
In case of breakout of the level 1925.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1925.00
- Take Profit 1: 1965.00
- Take Profit 2: 2000.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
Resistance | Support |
2000.00 | 1845.00 |
1965.00 | 1800.00 |
1925.00 | 1770.00 |