Source: PaxForex Premium Analytics Portal, Technical Insight

Gold prices fell on Friday and may show a decline this week due to the strengthening of the dollar. Although, concerns about the recovery from the coronavirus have limited the losses.

GOLD/USD, 30 min

Pivot: 1932.78

Analysis:

Provided that the price is below 1951.00 please follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1932.78
• Take Profit 1: 1921.00
• Take Profit 2: 1911.00  

Alternative scenario:

In case of breakout of the level 1951.00 follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1951.00
• Take Profit 1: 1965.50
• Take Profit 2: 1976.00

Comment:

RSI shows the possibility of a descending momentum.

Key levels:

GOLD/USD, D1

Pivot: 1946.00

Analysis:

As long as the price is below 1954.50 please follow these recommendations:

• Time frame: D1
• Recommendation: short position
• Entry point: 1946.00
• Take Profit 1: 1880.00
• Take Profit 2: 1840.00

Alternative scenario:

In case of breakout of the level 1954.50 follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1954.50
• Take Profit 1: 1975.00
• Take Profit 2: 2015.00

Comment:

RSI shows a downtrend in the medium term. 

Key levels: