Source: PaxForex Premium Analytics Portal, Technical Insight

India imported $609 million worth of gold in June 2020, according to the country's Commerce and Industry Ministry. This is still significant, 77% below the level of the corresponding period last year ($2.7 billion), but represents a marked recovery compared to April and May of this year. In April, against the backdrop of the national lockdown in India, gold imports into the country actually stopped and amounted to only $3 million, while in May supplies remained at a fairly symbolic level of $76 million.

GOLD/USD, 30 min

Pivot: 1809.60

Analysis:

Provided that the price is above 1803.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1809.60
• Take Profit 1: 1818.00
• Take Profit 2: 1824.00

Alternative scenario:

In case of breakdown of the level 1803.00 and the consolidation of the price below this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1803.00
• Take Profit 1: 1798.00
• Take Profit 2: 1794.00

Comment:

RSI shows the possibility of an uptrend momentum.

Key levels:

GOLD/USD, D1

Pivot: 1809.68

Analysis:

As long as the price is above 1755.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 1809.68
• Take Profit 1: 1855.00
• Take Profit 2: 1885.00

Alternative scenario:

In case of breakdown of the level 1755.00 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1755.00
• Take Profit 1: 1715.00
• Take Profit 2: 1680.00

Comment:

RSI shows an uptrend in the medium term. 

Key levels: