Gold has been showing a real bullish rally in recent months against the backdrop of news about the spread of coronavirus and that it could turn into a pandemic, as well as recent news about the break-up of the deal between OPEC countries and Russia.
XAU/USD, 30 min
Pivot – 1665.00, 1671.00
Our analysis:
As long as Gold is traded below 1671.00, please follow these recommendations:
Time frame – 30 min
Recommendation: short position
Entry point: 1671.00
Take Profit 1 - 1687.00
Take Profit 2 - 1703.00
Alternative scenario:
In case of breakdown of level 1671.00 follow the recommendations below:
Time frame – 30 min
Recommendation: long position
Entry point: 1671.00
Take Profit 1 - 1687.00
Take Profit 2 - 1703.00
Comment:
RSI shows further decline within the day. Gold may fall by 1.57% as a downtrend prevails intraday.
Key levels:
Resistance
Support
1703.00
1642.00
1687.00
1632.00
1671.00
1611.00
XAU/USD, D1
Pivot – 1610.00, 1696.00
Our analysis:
As long as the price is above 1610.00, please follow these recommendations:
Time frame - D1
Recommendation: long position
Entry point: 1610.00, 1696.00
Take Profit 1 - 1765.00
Take Profit 2 - 1800.00
Alternative scenario:
In case of breakdown of level 1610.00 follow the recommendations below:
Time frame - D1
Recommendation: short position
Entry point: 1610.00
Take Profit 1 - 1555.00
Take Profit 2 - 1515.00
Comment:
RSI shows buying power and further upward movement within the uptrend.
Key levels:
Resistance
Support
1870.00
1610.00
1800.00
1555.00
1765.00
1515.00
WHY TRADE WITH PAXFOREX?
We are one of the fastest growing Forex Brokers in the Market. Trade with PaxForex to get the full Forex Trading experience which is based on...