Source: PaxForex Premium Analytics Portal, Technical Insight

Gold trades at 1732 and continues to move within the growth framework. XAU/USD quotes move above the upper bound of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend in Gold. Within the forecast of the price of Gold on June 17, 2020. An attempt to correct the price of the precious metal and a test of the upper boundary of the Ichimoku Kinko Hyo Cloud indicator near the level of 1711 are expected. Where to expect the rebound and continued rise in gold prices with a potential target near 1765.

GOLD/USD, 30 min

Pivot: 1725.90

Analysis:

Provided that the price is below 1733.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1725.90
• Take Profit 1: 1716.50
• Take Profit 2: 1711.00

Alternative scenario:

In case of breakout of the level 1733.00 and the consolidation of the price above this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1733.00
• Take Profit 1: 1740.00
• Take Profit 2: 1745.00

Comment:

RSI shows the possibility of descending momentum.

Key levels:

GOLD/USD, D1

Pivot: 1724.38

Analysis:

As long as the price is above 1680.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 1724.38
• Take Profit 1: 1765.00
• Take Profit 2: 1800.00

Alternative scenario:

In case of breakdown of the level 1680.00 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1680.00
• Take Profit 1: 1645.00
• Take Profit 2: 1610.00

Comment:

RSI shows an uptrend in the medium term. 

Key levels: