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Gold analysis – 28 May 2020
By: Ahura Chalki
Gold despite breaking under $1700 level, could not manage to stay under this level since US-China tensions worry the investors and traders of the next cold war between the two biggest economic giants.
On the other hand, along cooling the market sentiment about the vaccine and reopening’s, other worries come up, like the next wave of virus spreading, as well as the huge percentage of unemployed, while the hopes on “V” shape recovering getting less and less.
While market changes are in favor of bulls at the moment, today investors will be looking at employment data and pending home sales from the US.
Technical overview – H1 chart
Parabolic SAR dots under the candles, RSI at 62, a price above the trend line, and OBV trend line also positive, all supporting the bulls at the moment. Yesterday high at $1716.50 is the immediate support at the moment, after that key level of 1708, while bulls have to pass the immediate resistance, $1723, sitting at the upper line of BB in the H1 chart.
Pivot point: 1706.85
Resistance levels: 1719.10 / 1729.15
Support levels: 1697.63 / 1684.56
Today, the expected trading range is between 1697.63 support and 1729.15 resistance.
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