Source: PaxForex Premium Analytics Portal, Technical Insight
Gold is declining on Monday after the news about the AstraZeneca vaccine (LON: AZN), which increased investors' appetite for more risky assets. AstraZeneca said on Monday that its coronavirus vaccine, developed in conjunction with the University of Oxford, showed an average performance of 70% in two segments of the study. With one dosing regimen, the vaccine can show 90% efficacy, the company said.
GOLD/USD, 30 min
Pivot: 1826.00
Analysis:
Provided that the price is below 1843.00, follow these recommendations:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1826.00
- Take Profit 1: 1807.00
- Take Profit 2: 1800.00
Alternative scenario:
In case of breakout of the level 1843.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1843.00
- Take Profit 1: 1849.00
- Take Profit 2: 1857.00
Comment:
RSI shows a downtrend within a day.
Key levels:
Resistance | Support |
1857.00 | 1807.00 |
1849.00 | 1800.00 |
1843.00 | 1780.00 |
GOLD/USD, D1
Pivot: 1837.00
Analysis:
Provided that the price is below 1915.00, follow these recommendations:
- Time frame: D1
- Recommendation: short position
- Entry point: 1837.00
- Take Profit 1: 1780.00
- Take Profit 2: 1735.00
Alternative scenario:
In case of breakout of the level 1915.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1915.00
- Take Profit 1: 1965.00
- Take Profit 2: 2000.00
Comment:
RSI shows a downtrend in the medium term.
Key levels:
Resistance | Support |
2000.00 | 1780.00 |
1965.00 | 1735.00 |
1925.00 | 1670.00 |