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:

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: