Source: PaxForex Premium Analytics Portal, Technical Insight

Gold has been held close to its peak for almost eight years and may show the most significant quarterly growth in more than four years as the sharp rise in coronavirus cases has increased demand for shelter assets. The rise in coronavirus cases in the US and the ongoing Chinese-US standoff point to buying gold as a safe asset.

GOLD/USD, 30 min

Pivot: 1783.00

Analysis:

Provided that the price is above 1772.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1783.00
• Take Profit 1: 1939.00
• Take Profit 2: 1800.00

Alternative scenario:

In case of breakdown of the level 1772.00 and the consolidation of the price above this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1772.00
• Take Profit 1: 1764.00
• Take Profit 2: 1758.00

Comment:

RSI shows the possibility of ascending momentum.

Key levels:

GOLD/USD, D1

Pivot: 1781.00

Analysis:

As long as the price is above 1715.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 1781.00
• Take Profit 1: 1825.00
• Take Profit 2: 1855.00

Alternative scenario:

In case of breakdown of the level 1715.00 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1715.00
• Take Profit 1: 1655.00
• Take Profit 2: 1610.00

Comment:

RSI shows an uptrend in the medium term. 

Key levels: