Source: PaxForex Premium Analytics Portal, Technical Insight

Gold prices fell to their lowest level in almost two weeks on Monday amid a stronger dollar, while investors are waiting for the Federal Reserve to comment this week.

GOLD/USD, 30 min

Pivot: 1911.50

Analysis:

Provided that the price is below 1927.00 follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1911.50
• Take Profit 1: 1896.00
• Take Profit 2: 1882.00  

Alternative scenario:

In case of breakout of the level 1927.00 follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1927.00
• Take Profit 1: 1934.00
• Take Profit 2: 1943.00

Comment:

RSI shows a downtrend within a day.

Key levels:

GOLD/USD, D1

Pivot: 1915.50

Analysis:

As long as the price is below 1975.00 follow these recommendations:

• Time frame: D1
• Recommendation: short position
• Entry point: 1915.50
• Take Profit 1: 1862.00
• Take Profit 2: 1820.00

Alternative scenario:

In case of breakout of the level 1975.00 follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1975.00
• Take Profit 1: 2015.00
• Take Profit 2: 2075.00

Comment:

RSI shows a downtrend in the medium term. 

Key levels: