Source: PaxForex Premium Analytics Portal, Technical Insight
Gold futures prices surged in U.S. trading on Wednesday. On COMEX, a division of the New York Mercantile Exchange, gold futures for June are trading at $1,793.15 per troy ounce, up 0.83%. At the moment of writing, gold had support at $1.740.10 and resistance at $1.798.25.
GOLD/USD, 30 min
Pivot: 1794.00
Analysis:
Provided that the price is above 1782.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1794.00
- Take Profit 1: 1806.00
- Take Profit 2: 1817.00
Alternative scenario:
In case of breakdown of the level 1782.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1782.00
- Take Profit 1: 1775.00
- Take Profit 2: 1766.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1828.00 | 1782.00 |
| 1817.00 | 1775.00 |
| 1806.00 | 1766.00 |
GOLD/USD,D1
Pivot: 1781.00
Analysis:
Provided that the price is above 1720.00, follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1781.00
- Take Profit 1: 1835.00
- Take Profit 2: 1875.00
Alternative scenario:
In case of breakdown of the level 1720.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1720.00
- Take Profit 1: 1675.00
- Take Profit 2: 1640.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1915.00 | 1720.00 |
| 1875.00 | 1675.00 |
| 1835.00 | 1640.00 |
