Source: PaxForex Premium Analytics Portal, Technical Insight
Gold futures prices declined during Asian trading on Thursday. On COMEX, a division of the New York Mercantile Exchange, gold futures for delivery in February are trading at $1,835.40 per troy ounce, down 0.51% at the time of writing.
GOLD/USD, 30 min
Pivot: 1835.00
Analysis:
Provided that the price is below 1849.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1835.00
- Take Profit 1: 1831.00
- Take Profit 2: 1822.00
Alternative scenario:
In case of breakout of the level 1849.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1849.00
- Take Profit 1: 1860.00
- Take Profit 2: 1868.00
Comment:
RSI shows a downtrend within a day.
Key levels:
| Resistance | Support |
| 1868.00 | 1831.00 |
| 1860.00 | 1822.00 |
| 1849.00 | 1810.00 |
GOLD/USD, D1
Pivot: 1847.00
Analysis:
Provided that the price is below 1900.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1847.00
- Take Profit 1: 1820.00
- Take Profit 2: 1775.00
Alternative scenario:
In case of breakout of the level 1900.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1900.00
- Take Profit 1: 1960.00
- Take Profit 2: 2000.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 2000.00 | 1820.00 |
| 1960.00 | 1775.00 |
| 1900.00 | 1720.00 |
