Source: PaxForex Premium Analytics Portal, Technical Insight
Gold lost nearly 1 percent on Thursday after the U.S. Federal Reserve announced that it had failed to meet investors' expectations for further inflation stimulus and support for the coronavirus-affected economy.
GOLD/USD, 30 min
Pivot: 1952.12
Analysis:
Provided that the price is above 1941.00 please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1952.12
- Take Profit 1: 1964.00
- Take Profit 2: 1974.00
Alternative scenario:
In case of breakdown of the level 1941.00 follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1941.00
- Take Profit 1: 1932.00
- Take Profit 2: 1921.00
Comment:
RSI shows an uptrend within a day.
Key levels:
Resistance | Support |
1983.00 | 1941.00 |
1974.00 | 1932.00 |
1964.00 | 1921.00 |
GOLD/USD, D1
Pivot: 1943.80
Analysis:
As long as the price is above 1910.00 please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1943.80
- Take Profit 1: 1975.00
- Take Profit 2: 2015.00
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 |
2075.00 | 1910.00 |
2015.00 | 1880.00 |
1975.00 | 1840.00 |