Source: PaxForex Premium Analytics Portal, Technical Insight

Gold prices are falling on Thursday amid the strengthening U.S. dollar after U.S. Treasury Secretary Stephen Mnuchin practically deprived markets of hope for new budget incentives before the presidential election on November 3.

GOLD/USD, 30 min

Pivot: 1907.00

Analysis:

Provided that the price is above 1897.00, follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1907.00
• Take Profit 1: 1913.00
• Take Profit 2: 1925.00  

Alternative scenario:

In case of breakdown of the level 1897.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1897.00
• Take Profit 1: 1889.00
• Take Profit 2: 1882.00

Comment:

RSI shows an uptrend within a day.

Key levels:

GOLD/USD, D1

Pivot: 1900.87

Analysis:

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

• Time frame: D1
• Recommendation: short position
• Entry point: 1900.87
• Take Profit 1: 1875.00
• Take Profit 2: 1845.00

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: