Source: PaxForex Premium Analytics Portal, Technical Insight

Gold is cheaper, ending the week with the most significant fall since late September, against the backdrop of an increased appetite for risk in global markets thanks to the news about the success of several companies in the development of vaccines against COVID-19.

GOLD/USD, 30 min

 Pivot: 1771.00

Analysis:

Provided that the price is below 1793.00, follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1771.00
• Take Profit 1: 1757.00
• Take Profit 2: 1747.00  

Alternative scenario:

In case of breakout of the level 1793.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1793.00
• Take Profit 1: 1805.00
• Take Profit 2: 1814.00

Comment:

RSI shows a downtrend within a day.

Key levels:

GOLD/USD, D1

Pivot: 1786.00

Analysis:

Provided that the price is below 1875.00, follow these recommendations:

• Time frame: D1
• Recommendation: short position
• Entry point: 1786.00
• Take Profit 1: 1735.00
• Take Profit 2: 1670.00  

Alternative scenario:

In case of breakout of the level 1875.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1875.00
• Take Profit 1: 1915.00
• Take Profit 2: 1965.00

Comment:

RSI shows a downtrend in the medium term. 

Key levels: