GOLD/USD | Gold to US Dollar Trading Analysis
GOLD/USD | Gold to US Dollar Trading Analysis
Written by: PaxForex analytics dept - Wednesday, 16 December 2020 0 comments
Source: PaxForex Premium Analytics Portal, Technical Insight
Gold rose on Tuesday on market hopes for additional economic support amid the rapid spread of COVID-19 and ahead of the U.S. Federal Reserve's meeting.
GOLD/USD, 30 min
Pivot: 1857.00
Analysis:
Provided that the price is above 1843.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1857.00
- Take Profit 1: 1866.00
- Take Profit 2: 1875.00
Alternative scenario:
In case of breakdown of the level 1843.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1843.00
- Take Profit 1: 1834.00
- Take Profit 2: 1825.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1884.00 | 1843.00 |
| 1875.00 | 1834.00 |
| 1866.00 | 1825.00 |
GOLD/USD, D1
Pivot: 1857.00
Analysis:
Provided that the price is below 1915.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1857.00
- Take Profit 1: 1765.00
- Take Profit 2: 1735.00
Alternative scenario:
In case of breakout of the level 1915.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1915.00
- 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 | 1765.00 |
| 1965.00 | 1735.00 |
| 1915.00 | 1670.00 |