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:

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: