Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices are rising on the prospect of extended fiscal stimulus and continued accommodative monetary policy in the U.S., but are holding near the 1.5-month low reached earlier due to the rising dollar.
GOLD/USD, 30 min
Pivot: 1845.00
Analysis:
Provided that the price is above 1836.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1845.00
- Take Profit 1: 1857.00
- Take Profit 2: 1865.00
Alternative scenario:
In case of breakdown of the level 1836.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1836.00
- Take Profit 1: 1829.00
- Take Profit 2: 1823.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1877.00 | 1836.00 |
| 1865.00 | 1829.00 |
| 1857.00 | 1823.00 |
GOLD/USD, D1
Pivot: 1848.00
Analysis:
Provided that the price is below 1900.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1921.00
- Take Profit 1: 1960.00
- Take Profit 2: 2000.00
Alternative scenario:
In case of breakout of the level 1900.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1900.00
- Take Profit 1: 1820.00
- Take Profit 2: 1775.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 2000.00 | 1775.00 |
| 1960.00 | 1720.00 |
| 1900.00 | 1670.00 |
