Source: PaxForex Premium Analytics Portal, Technical Insight

The price of gold fell on Wednesday due to the strengthening of the dollar. At the same time, uncertainty before the presidential elections in the U.S. and concerns about the growth of coronavirus infection in the world are holding back the downtrend.

GOLD/USD, 30 min

Pivot: 1880.43

Analysis:

Provided that the price is below 1885.00, follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1880.43
• Take Profit 1: 1869.00
• Take Profit 2: 1864.00  

Alternative scenario:

In case of breakout of the level 1885.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1885.00
• Take Profit 1: 1891.00
• Take Profit 2: 1899.00

Comment:

RSI shows a downtrend within a day.

Key levels:

GOLD/USD, D1

Pivot: 1880.32

Analysis:

As long as the price is below 1935.00, follow these recommendations:

• Time frame: D1
• Recommendation: short position
• Entry point: 1880.32
• Take Profit 1: 1845.00
• Take Profit 2: 1815.00

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: