Source: PaxForex Premium Analytics Portal, Technical Insight
India in August 2020 increased imports of gold by 2.7 times compared to August last year - up to $3.703 billion, according to the materials of the Ministry of Trade and Industry. Last month, imports of gold exceeded the total volume of imports in March-July this year.
GOLD/USD, 30 min
Pivot: 1961.00
Analysis:
Provided that the price is above 1948.00 please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1961.00
- Take Profit 1: 1972.00
- Take Profit 2: 1983.00
Alternative scenario:
In case of breakdown of the level 1948.00 follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1948.00
- Take Profit 1: 1937.00
- Take Profit 2: 1931.00
Comment:
RSI shows an uptrend within a day.
Key levels:
Resistance | Support |
1992.00 | 1948.00 |
1983.00 | 1937.00 |
1972.00 | 1931.00 |
GOLD/USD, D1
Pivot: 1952.39
Analysis:
As long as the price is above 1910.00 please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1952.39
- Take Profit 1: 2015.00
- Take Profit 2: 2075.00
Alternative scenario:
In case of breakdown of the level 1910.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1910.00
- Take Profit 1: 1880.00
- Take Profit 2: 1840.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
Resistance | Support |
2140.00 | 1910.00 |
2075.00 | 1880.00 |
2015.00 | 1840.00 |