Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices rose on Wednesday as a decline in U.S. Treasury bond yields and worries about lockdowns in the eurozone boosted demand for the safe-haven asset, although a stronger dollar limited the upside potential for the precious metal.
GOLD/USD, 30 min
Pivot: 1734.00
Analysis:
Provided that the price is below 1739.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1734.00
- Take Profit 1: 1727.00
- Take Profit 2: 1723.00
Alternative scenario:
In case of breakout of the level 1739.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1739.00
- Take Profit 1: 1743.00
- Take Profit 2: 1747.00
Comment:
RSI shows a downtrend within a day.
Key levels:
| Resistance | Support |
| 1747.00 | 1727.00 |
| 1743.00 | 1723.00 |
| 1739.00 | 1719.00 |
GOLD/USD, D1
Pivot: 1735.00
Analysis:
Provided that the price is below 1780.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1735.00
- Take Profit 1: 1710.00
- Take Profit 2: 1675.00
Alternative scenario:
In case of breakout of the level 1780.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1780.00
- Take Profit 1: 1820.00
- Take Profit 2: 1850.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1850.00 | 1710.00 |
| 1820.00 | 1675.00 |
| 1780.00 | 1650.00 |
