GOLD/USD | Gold to US Dollar Trading Analysis
GOLD/USD | Gold to US Dollar Trading Analysis
Source: PaxForex Premium Analytics Portal, Technical Insight
The Federal Reserve on Thursday unveiled a new strategy aimed at restoring full employment in the U.S. and accelerating inflation in a situation where, according to the U.S. central bank, "downside risks for employment and inflation have increased," resulting in the price of gold on Friday rose by more than 1%.
GOLD/USD, 30 min
Pivot: 1970.60
Analysis:
Provided that the price is above 1960.00 please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1970.60
- Take Profit 1: 1977.00
- Take Profit 2: 1984.00
Alternative scenario:
In case of breakdown of the level 1960.00 follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1960.00
- Take Profit 1: 1947.00
- Take Profit 2: 1935.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1994.00 | 1960.00 |
| 1984.00 | 1947.00 |
| 1977.00 | 1935.00 |
GOLD/USD, D1
Pivot: 1971.00
Analysis:
As long as the price is above 1910.00 please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1975.00
- Take Profit 1: 2015.00
- Take Profit 2: 2075.00
Alternative scenario:
In case of breakdown of the level 1910.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1910.00
- Take Profit 1: 1880.00
- Take Profit 2: 1840.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 2140.00 | 1910.00 |
| 2075.00 | 1880.00 |
| 2015.00 | 1840.00 |