Source: PaxForex Premium Analytics Portal, Technical Insight
Gold futures prices declined during the Asian trading on Wednesday. On COMEX, a division of the New York Mercantile Exchange, gold futures for June are trading at $1,771.25 per troy ounce, down 0.42% at the time of writing.
GOLD/USD, 30 min
Pivot: 1771.00
Analysis:
Provided that the price is below 1780.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1771.00
- Take Profit 1: 1766.00
- Take Profit 2: 1760.00
Alternative scenario:
In case of breakdown of the level 1780.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1780.00
- Take Profit 1: 1785.00
- Take Profit 2: 1789.00
Comment:
RSI shows a downtrend within a day.
Key levels:
| Resistance | Support |
| 1789.00 | 1766.00 |
| 1785.00 | 1760.00 |
| 1780.00 | 1754.00 |
GOLD/USD, D1
Pivot: 1769.00
Analysis:
Provided that the price is above 1735.00, follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1769.00
- Take Profit 1: 1815.00
- Take Profit 2: 1855.00
Alternative scenario:
In case of breakdown of the level 1735.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1735.00
- Take Profit 1: 1700.00
- Take Profit 2: 1675.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1875.00 | 1735.00 |
| 1855.00 | 1700.00 |
| 1815.00 | 1675.00 |
