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:

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: