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:

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: