Source: PaxForex Premium Analytics Portal, Technical Insight

Gold prices fell from a three-week high on Monday amid the dollar's recovery. However, the prospect of additional stimulus measures in the United States and the uncertainty surrounding the presidential election limited the decline.

GOLD/USD, 30 min

Pivot: 1912.04

Analysis:

Provided that the price is below 1925.00, follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1912.04
• Take Profit 1: 1900.00
• Take Profit 2: 1890.00  

Alternative scenario:

In case of breakout of the level 1925.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1925.00
• Take Profit 1: 1933.00
• Take Profit 2: 1940.00

Comment:

RSI shows a downtrend within a day.

Key levels:

GOLD/USD, D1

Pivot: 1928.61

Analysis:

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

• Time frame: D1
• Recommendation: short position
• Entry point: 1928.61
• 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: