Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices rose on Monday due to investor cautiousness in the run-up to the U.S. presidential election and economic fears amid growing coronavirus cases.
GOLD/USD, 30 min
Pivot: 1892.01
Analysis:
Provided that the price is above 1885.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1892.01
- Take Profit 1: 1899.00
- Take Profit 2: 1904.00
Alternative scenario:
In case of breakdown of the level 1885.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1885.00
- Take Profit 1: 1878.00
- Take Profit 2: 1873.00
Comment:
RSI shows an uptrend within a day.
Key levels:
Resistance | Support |
1911.00 | 1885.00 |
1904.00 | 1878.00 |
1899.00 | 1873.00 |
GOLD/USD, D1
Pivot: 1877.45
Analysis:
As long as the price is below 1935.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1877.45
- Take Profit 1: 1845.00
- Take Profit 2: 1815.00
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: 2015.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
Resistance | Support |
2015.00 | 1845.00 |
1980.00 | 1815.00 |
1935.00 | 1785.00 |