Source: PaxForex Premium Analytics Portal, Technical Insight

Gold prices have changed little since Tuesday as concerns over the wide availability of a potential coronavirus vaccine and expectations of new incentives offset the effects of demand on risk assets and the strengthening dollar.

GOLD/USD, 30 min

Pivot: 1879.00

Analysis:

Provided that the price is above 1867.00, follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1879.00
• Take Profit 1: 1890.00
• Take Profit 2: 1900.00  

Alternative scenario:

In case of breakdown of the level 1867.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1867.00
• Take Profit 1: 1857.00
• Take Profit 2: 1850.00

Comment:

RSI shows an uptrend within a day.

Key levels:

GOLD/USD, D1

Pivot: 1871.59

Analysis:

As long as the price is below 1925.00, follow these recommendations:

• Time frame: D1
• Recommendation: short position
• Entry point: 1871.59
• Take Profit 1: 1845.00
• Take Profit 2: 1800.00

Alternative scenario:

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

• Time frame: D1
• Recommendation: long position
• Entry point: 1925.00
• Take Profit 1: 1965.00
• Take Profit 2: 2000.00

Comment:

RSI shows a downtrend in the medium term. 

Key levels: