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:

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: