Source: PaxForex Premium Analytics Portal, Technical Insight

Gold prices are supported by fears that COVID-19 will revive in the USA. On Thursday it became known that the number of people infected with coronavirus in the United States exceeded 2 million. Investors were also soberingly affected by the Fed's statements. The FOMC said it does not expect the base rate to increase by the end of 2022. Fed also published new economic forecasts, according to which the U.S. GDP will decline by 6.5% this year, while unemployment will reach 9.3%.

GOLD/USD, 30 min

Pivot: 1726.30

Analysis:

Provided that the price is below 1735.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1726.30
• Take Profit 1: 1719.00
• Take Profit 2: 1708.00

Alternative scenario:

In case of breakout of the level 1735.00 and the consolidation of the price above this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1735.00
• Take Profit 1: 1745.00
• Take Profit 2: 1755.00

Comment:

RSI shows the possibility of descending momentum.

Key levels:

GOLD/USD, D1

Pivot: 1727.00

Analysis:

As long as the price is above 1680.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 1727.00
• Take Profit 1: 1765.00
• Take Profit 2: 1800.00

Alternative scenario:

In case of breakdown of the level 1680.00 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1680.00
• Take Profit 1: 1645.00
• Take Profit 2: 1610.00

Comment:

RSI shows an uptrend in the medium term. 

Key levels: