Pharmaceutical Company Pfizer had announced a vaccine for the latest pandemic attack with 95% effectiveness AND no safety concerns, providing a way out for the globe after almost a year of nightmare. Not only eliminating this issue but the announcement also managed to cool down the price of gold from 1958.88 high to lowest hit at 1850.52 within hours, over a $100 drop. After the ride on the slide, price has been wandering between 1855.44 and 1896.08.

Most short period timeframes including H1 and H4 chart are showing bias towards the upside however, the truth remains ambiguous since price looks to be finding 1869.02 as a resistance. On the other hand, a head and shoulder formation seem on the way to allow the bears to take over. Similarly, the daily chart has found support at 1849.53, in the short-medium run, bulls are likely to take over probably up to 1896.08.

Traders could look for opportunity to enter long at 1857 targeting 1869 first and 1896 second, stop loss at 1849.53.

Analysed by: Mr. Ronald Wu,Independent Analyst