GOLD/USD | Gold to US Dollar Trading Analysis
GOLD/USD | Gold to US Dollar Trading Analysis
Written by: PaxForex analytics dept - Thursday, 25 June 2020 0 comments
Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices jumped to a peak in nearly eight years on Wednesday as rising incidence of coronavirus worldwide weakened hopes for a rapid economic recovery and spurred demand for safe assets.
GOLD/USD, 30 min
Pivot: 1762.08
Analysis:
Provided that the price is above 1754.00, please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1762.08
- Take Profit 1: 1768.00
- Take Profit 2: 1774.00
Alternative scenario:
In case of breakdown of the level 1754.00 and the consolidation of the price above this level, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1754.00
- Take Profit 1: 1746.00
- Take Profit 2: 1741.00
Comment:
RSI shows the possibility of ascending momentum.
Key levels:
Resistance | Support |
1779.00 | 1754.00 |
1774.00 | 1746.00 |
1768.00 | 1741.00 |
GOLD/USD, D1
Pivot: 1748.00
Analysis:
As long as the price is above 1705.00, please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1768.00
- Take Profit 1: 1825.00
- Take Profit 2: 1855.00
Alternative scenario:
In case of breakdown of the level 1705.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1705.00
- Take Profit 1: 1655.00
- Take Profit 2: 1610.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
Resistance | Support |
1885.00 | 1705.00 |
1855.00 | 1655.00 |
1825.00 | 1610.00 |