Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices fell on Friday and may show a decline this week due to the strengthening of the dollar. Although, concerns about the recovery from the coronavirus have limited the losses.
GOLD/USD, 30 min
Pivot: 1932.78
Analysis:
Provided that the price is below 1951.00 please follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1932.78
- Take Profit 1: 1921.00
- Take Profit 2: 1911.00
Alternative scenario:
In case of breakout of the level 1951.00 follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1951.00
- Take Profit 1: 1965.50
- Take Profit 2: 1976.00
Comment:
RSI shows the possibility of a descending momentum.
Key levels:
Resistance | Support |
1976.00 | 1921.00 |
1965.50 | 1911.00 |
1951.00 | 1900.00 |
GOLD/USD, D1
Pivot: 1946.00
Analysis:
As long as the price is below 1954.50 please follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1946.00
- Take Profit 1: 1880.00
- Take Profit 2: 1840.00
Alternative scenario:
In case of breakout of the level 1954.50 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1954.50
- Take Profit 1: 1975.00
- Take Profit 2: 2015.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
Resistance | Support |
2015.00 | 1880.00 |
1975.00 | 1840.00 |
1954.50 | 1800.00 |