Source: PaxForex Premium Analytics Portal, Technical Insight
On Friday, gold prices rose to the highest level since February after the publication of the U.S. labor market data, which did not meet expectations. At the same time, the weekly increase in prices of the precious metal may be the highest since November - about 4%.
GOLD/USD, 30 min
Pivot: 1832.00
Analysis:
Provided that the price is above 1822.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1832.00
- Take Profit 1: 1843.00
- Take Profit 2: 1855.00
Alternative scenario:
In case of breakdown of the level 1822.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1822.00
- Take Profit 1: 1817.00
- Take Profit 2: 1799.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1867.00 | 1822.00 |
| 1855.00 | 1812.00 |
| 1843.00 | 1799.00 |
GOLD/USD, D1
Pivot: 1834.00
Analysis:
Provided that the price is above 1755.00, follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1834.00
- Take Profit 1: 1875.00
- Take Profit 2: 1915.00
Alternative scenario:
In case of breakdown of the level 1755.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1755.00
- Take Profit 1: 1715.00
- Take Profit 2: 1675.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1960.00 | 1755.00 |
| 1915.00 | 1715.00 |
| 1875.00 | 1675.00 |
