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Gold analysis – 19 June 2020
By: Ahura Chalki
Gold is up in earlier Asian season as fears of the second wave of Covid-19 is raising and stocks trading mixed.
China reported 25 new infected cases on Thursday, ten U.S. states also reported a spike in cases.
On the other hand, ongoing tensions between the US and China raised. The U.S. President Trump also warned on Thursday that cutting ties with China remained a possibility. In International Atomic Energy Agency (IAEA) meeting about Iranian commitment also, China and Russian voted for Iran, unlike Europeans, and the US, which is not the favor of the US, can raise the tensions between the US with China, especially.
News, politics, and geopolitics supporting the market Bulls.
Technical overview – H1 Chart
Heiken Ashi Candles supporting the more bulls, while price moves above middle line of BB, and OBV trend line, while RSI at 57. $1730, is key resistance level which breathing above that will bring the $1745 and $1765 in the spotlight.
Pivot point: 1723.64
Resistance levels: 1730.00 / 1738.30
Support levels: 1715.30 / 1709.00
Today, the expected trading range is between 1715.30 support and 1738.30 resistance.
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