Source: PaxForex Premium Analytics Portal, Technical Insight

Gold prices fell below $2,000 per ounce on Wednesday, partly due to the stabilization of the dollar, while investors are waiting for details on the US Federal Reserve's strategy to support the affected economy.

GOLD/USD, 30 min

Pivot: 1945.00

Analysis:

Provided that the price is above 1924.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1945.00
• Take Profit 1: 1965.00
• Take Profit 2: 1976.00  

Alternative scenario:

In case of breakdown of the level 1924.00 and the consolidation of the price below this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1924.00
• Take Profit 1: 1906.00
• Take Profit 2: 1893.00

Comment:

RSI shows the possibility of an ascending momentum.

Key levels:

GOLD/USD, D1

Pivot: 1946.00

Analysis:

As long as the price is above 1910.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 1946.00
• 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: