Gold up with mixed stocks!

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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.


Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.

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