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:

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: