Source: PaxForex Premium Analytics Portal, Technical Insight

Gold prices jumped to a peak in nearly eight years on Wednesday as rising incidence of coronavirus worldwide weakened hopes for a rapid economic recovery and spurred demand for safe assets.

GOLD/USD, 30 min

Pivot: 1762.08

Analysis:

Provided that the price is above 1754.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1762.08
• Take Profit 1: 1768.00
• Take Profit 2: 1774.00

Alternative scenario:

In case of breakdown of the level 1754.00 and the consolidation of the price above this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1754.00
• Take Profit 1: 1746.00
• Take Profit 2: 1741.00

Comment:

RSI shows the possibility of ascending momentum.

Key levels:

GOLD/USD, D1

Pivot: 1748.00

Analysis:

As long as the price is above 1705.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 1768.00
• Take Profit 1: 1825.00
• Take Profit 2: 1855.00

Alternative scenario:

In case of breakdown of the level 1705.00 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1705.00
• Take Profit 1: 1655.00
• Take Profit 2: 1610.00

Comment:

RSI shows an uptrend in the medium term. 

Key levels: