Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices are rising on Thursday amid a decline in the dollar, driven by hopes for a speedy introduction of coronavirus vaccines and cautious optimism among investors about budget incentives in the U.S.
GOLD/USD, 30 min
Pivot: 1840.00
Analysis:
Provided that the price is above 1829.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1840.00
- Take Profit 1: 1851.00
- Take Profit 2: 1861.00
Alternative scenario:
In case of breakdown of the level 1829.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1829.00
- Take Profit 1: 1817.00
- Take Profit 2: 1807.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1869.00 | 1829.00 |
| 1861.00 | 1817.00 |
| 1851.00 | 1807.00 |
GOLD/USD, D1
Pivot: 1812.70
Analysis:
Provided that the price is below 1875.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1812.70
- Take Profit 1: 1735.00
- Take Profit 2: 1670.00
Alternative scenario:
In case of breakout of the level 1875.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1875.00
- Take Profit 1: 1915.00
- Take Profit 2: 1965.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1965.00 | 1735.00 |
| 1915.00 | 1670.00 |
| 1875.00 | 1615.00 |
