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:

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: