Source: PaxForex Premium Analytics Portal, Technical Insight
Gold futures prices climbed during the Asian trading on Wednesday. On COMEX, a division of the New York Mercantile Exchange, gold futures for April delivery are trading at $1,807.25 per troy ounce, up 0.07% at the time of writing this commentary.
GOLD/USD, 30 min
Pivot: 1809.00
Analysis:
Provided that the price is below 1816.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1809.00
- Take Profit 1: 1795.00
- Take Profit 2: 1790.00
Alternative scenario:
In case of breakout of the level 1816.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1816.00
- Take Profit 1: 1825.00
- Take Profit 2: 1834.00
Comment:
RSI shows a downtrend within a day.
Key levels:
Resistance | Support |
1834.00 | 1795.00 |
1825.00 | 1790.00 |
1816.00 | 1783.00 |
GOLD/USD, D1
Pivot: 1808.00
Analysis:
Provided that the price is below 1855.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1808.00
- Take Profit 1: 1760.00
- Take Profit 2: 1700.00
Alternative scenario:
In case of breakout of the level 1855.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1855.00
- Take Profit 1: 1890.00
- Take Profit 2: 1930.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
Resistance | Support |
1930.00 | 1760.00 |
1890.00 | 1700.00 |
1855.00 | 1670.00 |