Source: PaxForex Premium Analytics Portal, Technical Insight

The price of gold dropped slightly on Wednesday.  Investors weighed the news of new coronavirus vaccine development and the chances of further economic support amid a sharp increase in the number of infected in some regions of the world.

GOLD/USD, 30 min

Pivot: 1862.00

Analysis:

Provided that the price is below 1874.00, follow these recommendations:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1862.00
• Take Profit 1: 1855.00
• Take Profit 2: 1848.00  

Alternative scenario:

In case of breakout of the level 1874.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1874.00
• Take Profit 1: 1885.00
• Take Profit 2: 1892.00

Comment:

RSI shows a downtrend within a day.

Key levels:

GOLD/USD, D1

Pivot: 1867.19

Analysis:

Provided that the price is below 1925.00, follow these recommendations:

• Time frame: D1
• Recommendation: short position
• Entry point: 1867.19
• Take Profit 1: 1845.00
• Take Profit 2: 1800.00  

Alternative scenario:

In case of breakout of the level 1925.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1925.00
• Take Profit 1: 1965.00
• Take Profit 2: 2000.00

Comment:

RSI shows a downtrend in the medium term. 

Key levels: