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:

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: