Source: PaxForex Premium Analytics Portal, Technical Insight
The gold price held near a high of more than four months on Tuesday thanks to a weaker dollar, but Federal Reserve assurances easing market fears about inflation kept gains in check.
GOLD/USD, 30 min
Pivot: 1906.00
Analysis:
Provided that the price is above 1889.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1906.00
- Take Profit 1: 1915.00
- Take Profit 2: 1930.00
Alternative scenario:
In case of breakdown of the level 1889.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1889.00
- Take Profit 1: 1879.00
- Take Profit 2: 1873.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1940.00 | 1889.00 |
| 1930.00 | 1879.00 |
| 1915.00 | 1873.00 |
GOLD/USD, D1
Pivot: 1904.00
Analysis:
Provided that the price is above 1820.00, follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1904.00
- Take Profit 1: 1960.00
- Take Profit 2: 2000.00
Alternative scenario:
In case of breakdown of the level 1820.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1820.00
- Take Profit 1: 1765.00
- Take Profit 2: 1730.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 2040.00 | 1820.00 |
| 2000.00 | 1765.00 |
| 1960.00 | 1730.00 |
