Source: PaxForex Premium Analytics Portal, Technical Insight

The price of gold rose on Friday and can show a maximum of almost two months of weekly rise, as the news of a positive coronavirus test by U.S. President Donald Trump provoked a rush into the safe-haven assets.

GOLD/USD, 30 min

Pivot: 1893.00

Analysis:

Provided that the price is below 1904.00, follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1893.00
• Take Profit 1: 1881.00
• Take Profit 2: 1875.00  

Alternative scenario:

In case of breakout of the level 1904.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1904.00
• Take Profit 1: 1912.00
• Take Profit 2: 1917.00

Comment:

RSI shows a downtrend within a day.

Key levels:

GOLD/USD, D1

Pivot: 1898.70

Analysis:

As long as the price is below 1935.00, follow these recommendations:

• Time frame: D1
• Recommendation: short position
• Entry point: 1898.70
• Take Profit 1: 1848.00
• 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: 2035.00

Comment:

RSI shows a downtrend in the medium term. 

Key levels: