Heat the olive oil in a small saucepan over medium heat.
Add the pimentón dulce and pimentón picante and stir until combined.
Add 1 tablespoon of flour and stir until combined. Keep stirring for about a minute, to toast the flour slightly.
Over a medium-low heat, add the broth very gradually, stirring constantly.
The sauce should start to thicken as you incorporate the broth; add more flour only if necessary to achieve the right consistency (it should be velvety and smooth, but not so thick that it holds its shape alone).
Reduce to low heat and simmer for 3-5 minutes, stirring occasionally.
Season with salt to taste.