Source: PaxForex Premium Analytics Portal, Technical Insight
Gold prices are rising and could show a week-long rise for the sixth time in a row as a surge in coronavirus cases feeds the demand for safe assets. The tension between the US and China also encourages people to invest more in gold than in stocks.
GOLD/USD, 30 min
Pivot: 1818.20
Analysis:
Provided that the price is above 1811.50, please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1818.20
- Take Profit 1: 1820.50
- Take Profit 2: 1828.00
Alternative scenario:
In case of breakdown of the level 1811.50 and the consolidation of the price below this level, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1811.50
- Take Profit 1: 1807.50
- Take Profit 2: 1803.00
Comment:
RSI shows the possibility of an ascending momentum.
Key levels:
Resistance | Support |
1850.00 | 1811.50 |
1836.00 | 1807.50 |
1828.00 | 1803.00 |
GOLD/USD, D1
Pivot: 1809.20
Analysis:
As long as the price is above 1755.00, please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1809.20
- Take Profit 1: 1855.00
- Take Profit 2: 1885.00
Alternative scenario:
In case of breakdown of the level 1755.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1755.00
- Take Profit 1: 1715.00
- Take Profit 2: 1680.00
Comment:
RSI shows an uptrend in the medium term.
Key levels:
Resistance | Support |
1915.00 | 1755.00 |
1885.00 | 1715.00 |
1855.00 | 1680.00 |