Source: PaxForex Premium Analytics Portal, Technical Insight

The continued recovery of the Chinese economy increases risk appetite and enhances investor confidence, demand for gold may fall in the short term, despite several negative factors.

GOLD/USD, 30 min

Pivot: 1881.69

Analysis:

Provided that the price is above 1872.00, follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1881.69
• Take Profit 1: 1895.00
• Take Profit 2: 1906.00  

Alternative scenario:

In case of breakdown of the level 1872.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1872.00
• Take Profit 1: 1861.00
• Take Profit 2: 1848.00

Comment:

RSI shows an uptrend within a day.

Key levels:

GOLD/USD, D1

Pivot: 1861.03

Analysis:

As long as the price is below 1935.00, follow these recommendations:

• Time frame: D1
• Recommendation: short position
• Entry point: 1861.03
• Take Profit 1: 1815.00
• Take Profit 2: 1770.00

Alternative scenario:

In case of breakout of the level 1935.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1935.00
• Take Profit 1: 1980.00
• Take Profit 2: 2035.00

Comment:

RSI shows a downtrend in the medium term. 

Key levels: