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:

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: