Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices fell on Tuesday due to a growing appetite for risk amid hopes for a coronavirus vaccine and optimism about a U.S.-China trade deal.
GOLD/USD, 30 min
Pivot: 1926.46
Analysis:
Provided that the price is below 1937.00 please follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1926.46
- Take Profit 1: 1911.00
- Take Profit 2: 1900.00
Alternative scenario:
In case of breakout of the level 1937.00 follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1937.00
- Take Profit 1: 1946.00
- Take Profit 2: 1954.00
Comment:
RSI shows a downtrend within a day.
Key levels:
Resistance | Support |
1954.00 | 1911.00 |
1946.00 | 1900.00 |
1937.00 | 1885.00 |
GOLD/USD, D1
Pivot: 1927.80
Analysis:
As long as the price is above 1910.00 please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1927.80
- Take Profit 1: 1975.00
- Take Profit 2: 2015.00
Alternative scenario:
In case of breakdown of the level 1910.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1910.00
- Take Profit 1: 1880.00
- Take Profit 2: 1840.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
Resistance | Support |
2075.00 | 1910.00 |
2015.00 | 1880.00 |
1975.00 | 1840.00 |