GOLD/USD | Gold to US Dollar Trading Analysis
GOLD/USD | Gold to US Dollar Trading Analysis
Source: PaxForex Premium Analytics Portal, Technical Insight
The gold price rose above $1,900 per ounce on the backdrop of a decline in the dollar and uncertainty due to the US pandemic and elections. U.S. House Speaker Nancy Pelosi reported Thursday on progress in talks with the White House on new measures to help the economy combat the effects of COVID-19, but Senate Republicans remain skeptical of a possible trillion-dollar deal.
GOLD/USD, 30 min
Pivot: 1907.00
Analysis:
Provided that the price is above 1900.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1907.00
- Take Profit 1: 1914.00
- Take Profit 2: 1920.00
Alternative scenario:
In case of breakdown of the level 1900.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1900.00
- Take Profit 1: 1895.00
- Take Profit 2: 1891.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1926.00 | 1900.00 |
| 1920.00 | 1895.00 |
| 1914.00 | 1891.00 |
GOLD/USD, D1
Pivot: 1907.00
Analysis:
As long as the price is below 1935.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1907.00
- Take Profit 1: 1875.00
- Take Profit 2: 1845.00
Alternative scenario:
In case of breakout of the level 1935.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1935.00
- Take Profit 1: 1980.00
- Take Profit 2: 2015.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 2015.00 | 1875.00 |
| 1980.00 | 1845.00 |
| 1935.00 | 1815.00 |