Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices slumped to a more than two-month low on Wednesday as rising U.S. government bond yields and a stronger dollar continued to weigh on the metal's appeal.
GOLD/USD, 30 min
Pivot: 1783.00
Analysis:
Provided that the price is below 1787.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1783.00
- Take Profit 1: 1769.00
- Take Profit 2: 1760.00
Alternative scenario:
In case of breakout of the level 1787.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1787.00
- Take Profit 1: 1793.00
- Take Profit 2: 1801.00
Comment:
RSI shows a downtrend within a day.
Key levels:
| Resistance | Support |
| 1801.00 | 1769.00 |
| 1793.00 | 1760.00 |
| 1787.00 | 1744.00 |
GOLD/USD, D1
Pivot: 1792.00
Analysis:
Provided that the price is below 1870.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1792.00
- Take Profit 1: 1765.00
- Take Profit 2: 1670.00
Alternative scenario:
In case of breakout of the level 1870.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1870.00
- Take Profit 1: 1920.00
- Take Profit 2: 1965.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1965.00 | 1765.00 |
| 1920.00 | 1670.00 |
| 1870.00 | 1600.00 |
