Source: PaxForex Premium Analytics Portal, Technical Insight
Analysts say that gold prices will grow as long as the U.S. economic recovery is slow. Also, it will continue its rally until the coronavirus is taken under control, and Americans will have to learn to live with the virus at least for the next few months, said the Fed representatives.
GOLD/USD, 30 min
Pivot: 1951.10
Analysis:
Provided that the price is above 1935.00, please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1951.10
- Take Profit 1: 1970.00
- Take Profit 2: 1995.00
Alternative scenario:
In case of breakdown of the level 1935.00 and the consolidation of the price below this level, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1935.00
- Take Profit 1: 1920.00
- Take Profit 2: 1906.00
Comment:
RSI shows the possibility of an ascending momentum.
Key levels:
Resistance | Support |
2015.00 | 1935.00 |
1995.00 | 1920.00 |
1970.00 | 1906.00 |
GOLD/USD, D1
Pivot: 1937.04
Analysis:
As long as the price is below 2015.00, please follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1937.04
- Take Profit 1: 1880.00
- Take Profit 2: 1815.00
Alternative scenario:
In case of breakout of the level 2015.00 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 2015.00
- Take Profit 1: 2075.00
- Take Profit 2: 2140.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
Resistance | Support |
2140.00 | 1880.00 |
2075.00 | 1815.00 |
2015.00 | 1770.00 |