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Gold analysis – 17 June 2020

By: Ahura Chalki

Gold kept its side movement yesterday between 1720 and 1730, trying to find the best reaction for current changes.

What we had in past days could move the Gold in different directions. In COVID-19 front, hopes on some successful treatments come with a new jump in infected numbers all around the world, especially in China, Japan, and even New Zealand, which they had their first new cases after almost one month and more spreading in Latino American countries.

Among the banking measures, main central banks, either had or planning to have more stimulates packages, such as BoJ, ECB, FED, BoE, and so on, which can help the market positive sentiment.

On the other hand, economic data also showing slight improvement, bringing the “V” shape recovery hopes, but not always. The US Retail Sales were better than expected, while Industrial production still suffering, the same as the Japanese Export and Trade Balance.

Market sentiment, still mixed and we can see that from stock market movements, while it cannot keep any direction of positive or negative, for more than two days.

Conclusion:

Gold needs a very hard decision in front of many contradictory information and data. An emotional decision is out of the table at the moment and investors are looking about the Real Facts! CPI data of today’s economic calendar can be the key to the decision.

Technical overview – H1 Chart

Technical indicators supporting the side movement at the moment. OBV trend line is flat, price moves on the middle line of BB and RSI at 53. Breathing or breaking above or under $1731 and $1723 (upper and lower line of BB) need to create the next direction.

Pivot point: 1725.42

Resistance levels: 1734.22 / 1741.45

Support levels: 1718.20 / 1709.40

Today, the expected trading range is between 1709.40 support and 1741.45 resistance.


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