Source: PaxForex Premium Analytics Portal, Technical Insight
The gold price climbed nearly 1 percent on Tuesday, retreating from a one-month low the day before, as investors focused on the outlook for inflation, which could be fueled by additional stimulus measures in the U.S. under President-elect Joe Biden.
GOLD/USD, 30 min
Pivot: 1859.00
Analysis:
Provided that the price is above 1847.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1859.00
- Take Profit 1: 1871.00
- Take Profit 2: 1880.00
Alternative scenario:
In case of breakdown of the level 1847.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1847.00
- Take Profit 1: 1837.00
- Take Profit 2: 1829.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1890.00 | 1847.00 |
| 1880.00 | 1837.00 |
| 1871.00 | 1829.00 |
GOLD/USD, D1
Pivot: 1858.00
Analysis:
Provided that the price is below 1930.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1858.00
- Take Profit 1: 1775.00
- Take Profit 2: 1715.00
Alternative scenario:
In case of breakout of the level 1930.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1930.00
- Take Profit 1: 1965.00
- Take Profit 2: 2000.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 2000.00 | 1775.00 |
| 1965.00 | 1715.00 |
| 1930.00 | 1670.00 |
