Source: PaxForex Premium Analytics Portal, Technical Insight
Gold futures prices declined during Asian trading on Wednesday. On COMEX, a division of the New York Mercantile Exchange, gold futures for June are trading at $1,679.15 per troy ounce, down 0.41% at the time of writing.
GOLD/USD, 30 min
Pivot: 1679.00
Analysis:
Provided that the price is below 1690.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1679.00
- Take Profit 1: 1676.00
- Take Profit 2: 1666.00
Alternative scenario:
In case of breakout of the level 1690.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1690.00
- Take Profit 1: 1704.00
- Take Profit 2: 1714.00
Comment:
RSI shows a downtrend within a day.
Key levels:
| Resistance | Support |
| 1714.00 | 1676.00 |
| 1704.00 | 1666.00 |
| 1690.00 | 1659.00 |
GOLD/USD, D1
Pivot: 1679.00
Analysis:
Provided that the price is below 1755.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1679.00
- Take Profit 1: 1600.00
- Take Profit 2: 1570.00
Alternative scenario:
In case of breakout of the level 1755.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1755.00
- Take Profit 1: 1820.00
- Take Profit 2: 1850.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1850.00 | 1600.00 |
| 1820.00 | 1570.00 |
| 1755.00 | 1500.00 |
