Source: PaxForex Premium Analytics Portal, Technical Insight
Gold rises on Tuesday as the market hopes for additional economic support amid the rapid spread of COVID-19 and ahead of the U.S. Federal Reserve's meeting.
GOLD/USD, 30 min
Pivot: 1875.00
Analysis:
Provided that the price is below 1884.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1875.00
- Take Profit 1: 1868.00
- Take Profit 2: 1855.00
Alternative scenario:
In case of breakout of the level 1884.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1884.00
- Take Profit 1: 1893.00
- Take Profit 2: 1906.00
Comment:
RSI shows a downtrend within a day.
Key levels:
| Resistance | Support |
| 1906.00 | 1868.00 |
| 1893.00 | 1855.00 |
| 1884.00 | 1844.00 |
GOLD/USD, D1
Pivot: 1879.00
Analysis:
Provided that the price is above 1815.00, follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1879.00
- Take Profit 1: 1915.00
- Take Profit 2: 1965.00
Alternative scenario:
In case of breakdown of the level 1815.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1815.00
- Take Profit 1: 1765.00
- Take Profit 2: 1720.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 2000.00 | 1815.00 |
| 1965.00 | 1765.00 |
| 1915.00 | 1720.00 |
