GOLD/USD | Gold to US Dollar Trading Analysis
GOLD/USD | Gold to US Dollar Trading Analysis
Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices are not moving as the number of cases of coronavirus infection is growing and in anticipation of the release of unemployment data in the United States. The spot price of gold changed little, holding close to $1,726.24 per troy ounce by 12.00 GMT.
GOLD/USD, 30 min
Pivot: 1727.00
Analysis:
Provided that the price is above 1721.50, please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1727.00
- Take Profit 1: 1733.00
- Take Profit 2: 1737.50
Alternative scenario:
In case of breakdown of the level 1721.50 and the consolidation of the price above this level, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1721.50
- Take Profit 1: 1717.00
- Take Profit 2: 1712.50
Comment:
RSI shows the possibility of ascending momentum.
Key levels:
| Resistance | Support |
| 1745.00 | 1721.50 |
| 1737.50 | 1717.00 |
| 1733.00 | 1712.50 |
GOLD/USD, D1
Pivot: 1727.00
Analysis:
As long as the price is above 1680.00, please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1727.00
- 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:
| Resistance | Support |
| 1835.00 | 1680.00 |
| 1800.00 | 1645.00 |
| 1765.00 | 1610.00 |