GOLD/USD | Gold to US Dollar Trading Analysis
GOLD/USD | Gold to US Dollar Trading Analysis
Source: PaxForex Premium Analytics Portal, Technical Insight
Gold is rising in price thanks to the decline of the dollar, investors are waiting for an agreement on trade relations between the UK and the EU after Brexit. The UK and the EU are on the verge of a trade agreement, which supports the pound and puts pressure on the dollar. The depreciation of the dollar makes gold more attractive to holders of other currencies.
GOLD/USD, 30 min
Pivot: 1880.00
Analysis:
Provided that the price is above 1875.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1880.00
- Take Profit 1: 1895.00
- Take Profit 2: 1907.00
Alternative scenario:
In case of breakdown of the level 1875.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1875.00
- Take Profit 1: 1870.00
- Take Profit 2: 1860.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1915.00 | 1875.00 |
| 1907.00 | 1870.00 |
| 1895.00 | 1860.00 |
GOLD/USD, D1
Pivot: 1881.00
Analysis:
Provided that the price is above 1815.00, follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1881.00
- Take Profit 1: 1915.00
- Take Profit 2: 1965.00
Alternative scenario:
In case of breakdown of the level 1815.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1815.00
- Take Profit 1: 1765.00
- Take Profit 2: 1720.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 2000.00 | 1815.00 |
| 1965.00 | 1765.00 |
| 1915.00 | 1720.00 |