The price of gold rose on Thursday as the deterioration in U.S.- Chinese relations due to Beijing's decision to introduce a national security law in Hong Kong increased doubts about a rapid economic recovery. 

GOLD/USD, 30 min

Pivot: 1720.39

Analysis:

Provided that the price is above 1711.00, please follow these recommendations:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1720.39
• Take Profit 1: 1728.00
• Take Profit 2: 1735.00

Alternative scenario:

In case of breakdown of the level 1711.00 and the consolidation of the price above this level, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1711.00
• Take Profit 1: 1705.00
• Take Profit 2: 1700.00

Comment:

RSI shows the possibility of an uptrend.

Key levels

GOLD/USD, D1

Pivot: 1705.49

Analysis:

As long as the price is above 1680.00, please follow these recommendations:

• Time frame: D1
• Recommendation: long position
• Entry point: 1705.49
• Take Profit 1: 1765.00
• Take Profit 2: 1790.00

Alternative scenario:

In case of breakdown of the level 1680.00 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1680.00
• Take Profit 1: 1645.00
• Take Profit 2: 1610.00

Comment:

RSI shows an upward trend in the medium term. 

Key levels: