GOLD/USD | Gold to US Dollar Trading Analysis
GOLD/USD | Gold to US Dollar Trading Analysis
Source: PaxForex Premium Analytics Portal, Technical Insight
The banks continued the decline that started on Thursday at the post-market after the Fed announced the results of annual stress tests and ordered the banks not to buy back their shares in the third quarter, as well as to limit dividend payments.
GOLD/USD, 30 min
Pivot: 1773.84
Analysis:
Provided that the price is above 1763.00, please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1773.84
- Take Profit 1: 1779.00
- Take Profit 2: 1787.00
Alternative scenario:
In case of breakdown of the level 1763.00 and the consolidation of the price above this level, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1763.00
- Take Profit 1: 1755.00
- Take Profit 2: 1747.00
Comment:
RSI shows the possibility of ascending momentum.
Key levels:
| Resistance | Support |
| 1798.00 | 1763.00 |
| 1787.00 | 1755.00 |
| 1779.00 | 1747.00 |
GOLD/USD, D1
Pivot: 1748.00
Analysis:
As long as the price is above 1705.00, please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1748.00
- Take Profit 1: 1825.00
- Take Profit 2: 1855.00
Alternative scenario:
In case of breakdown of the level 1705.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1705.00
- Take Profit 1: 1655.00
- Take Profit 2: 1610.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1885.00 | 1705.00 |
| 1855.00 | 1655.00 |
| 1825.00 | 1610.00 |