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:

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: