Source: PaxForex Premium Analytics Portal, Technical Insight

Gold lost some of its gains on Wednesday after it peaked in almost nine years, but hopes for new stimulus measures in the coronavirus crisis continued to support demand.

GOLD/USD, 30 min

Pivot: 1868.82

Analysis:

Provided that the price is above 1856.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1868.82
• Take Profit 1: 1876.00
• Take Profit 2: 1885.00

Alternative scenario:

In case of breakdown of the level 1856.00 and the consolidation of the price below this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1856.00
• Take Profit 1: 1846.00
• Take Profit 2: 1833.00

Comment:

RSI shows the possibility of an ascending momentum.

Key levels:

GOLD/USD, D1

Pivot: 1869.00

Analysis:

As long as the price is above 1805.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 1869.00
• Take Profit 1: 1900.00
• Take Profit 2: 1945.00

Alternative scenario:

In case of breakdown of the level 1805.00 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1805.00
• Take Profit 1: 1765.00
• Take Profit 2: 1740.00

Comment:

RSI shows an uptrend in the medium term. 

Key levels: