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Gold analysis – 3 June 2020
By: Ahura Chalki
Gold kept its freefall of last night trading hours in Asian season as well, as Stock markets in the US grow despite the civil protests. Asian stocks also continued their uptrend touched the three months high.
Onn the other hand, Chinese and Japanese service PMI printed higher numbers, better than expected, while “The Japanese media outlet, Jiji Press, reported on Wednesday, the Bank of Japan (BOJ) is considering doubling its financial aid to the small businesses struggling to combat the impact of the coronavirus pandemic.”
About reopening, more countries joining the rally of business reopening’s and all make the markets to have more hope on faster recovery and Gold to lose its Safe-Haven bid.
Technical overview – H1 CHart
Gold turned under 200 HMA, under the middle line of BB (20 HMA), while Parabolic SAR has its dots above the candles and pr ice moved under the OBV trend line. Technical indicators supporting the more bearish. $1717 and $1704 are next key support, while Bulls need to take over the $1730 (pivot point) to be able to continue their way.
Pivot Point: 1730.10
Resistance levels: 1739.00 / 1754.00
Support levels: 1717.14 / 1707.24
Today, the expected trading range is between 1707.24 support and 1739.00 resistance.
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