Source: PaxForex Premium Analytics Portal, Technical Insight
Gold is rising as the weakening dollar and hopes for a new U.S. financial aid agreement ahead of next month's presidential election have raised the demand for gold as protection against inflation.
GOLD/USD, 30 min
Pivot: 1919.00
Analysis:
Provided that the price is above 1910.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1919.00
- Take Profit 1: 1925.00
- Take Profit 2: 1932.00
Alternative scenario:
In case of breakdown of the level 1910.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1910.00
- Take Profit 1: 1904.00
- Take Profit 2: 1899.00
Comment:
RSI shows an uptrend within a day.
Key levels:
| Resistance | Support |
| 1939.00 | 1910.00 |
| 1932.00 | 1904.00 |
| 1925.00 | 1899.00 |
GOLD/USD, D1
Pivot: 1918.00
Analysis:
As long as the price is below 1935.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1918.00
- 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: 2015.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 2015.00 | 1875.00 |
| 1980.00 | 1845.00 |
| 1935.00 | 1815.00 |
