The price of gold rose on Thursday as the deterioration in U.S.- Chinese relations due to Beijing's decision to introduce a national security law in Hong Kong increased doubts about a rapid economic recovery.
GOLD/USD, 30 min
Pivot: 1720.39
Analysis:
Provided that the price is above 1711.00, please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1720.39
- Take Profit 1: 1728.00
- Take Profit 2: 1735.00
Alternative scenario:
In case of breakdown of the level 1711.00 and the consolidation of the price above this level, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1711.00
- Take Profit 1: 1705.00
- Take Profit 2: 1700.00
Comment:
RSI shows the possibility of an uptrend.
Key levels
Resistance | Support |
1742.00 | 1711.00 |
1735.00 | 1705.00 |
1728.00 | 1700.00 |
GOLD/USD, D1
Pivot: 1705.49
Analysis:
As long as the price is above 1680.00, please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1705.49
- Take Profit 1: 1765.00
- Take Profit 2: 1790.00
Alternative scenario:
In case of breakdown of the level 1680.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1680.00
- Take Profit 1: 1645.00
- Take Profit 2: 1610.00
Comment:
RSI shows an upward trend in the medium term.
Key levels:
Resistance | Support |
1835.00 | 1680.00 |
1790.00 | 1645.00 |
1765.00 | 1610.00 |