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By: Ahura Chalki
As of Wednesday, statistic confirms a big mutation in death and infected numbers by COVID-19, in Hebei, China. 242 death and 14,000 new infected!
WHO says that this mutation in the numbers is because of the system of statistics, which has been changed, since yesterday, because before that, Chine’s officials were not counting positive resulted test as infected, as long as they did not have any disease signs.
The market reaction to this news was a retreat from yesterday’s progress. Nikkei225 is down by 0.23%, while Hang Seng and Shanghai are both down as well by 0.37% and 0.67%, respectively, by the time of writing. Safe haven rose, and fears are over the market. Japanese Yen is up more than 0.20% and Gold now trading above $1574.
For today, while we are looking at virus headline, inflation numbers from Germany and the US will be important for the day.
Gold technical analysis:
Gold is trading now above 20, 50 & 200 EMA, in all main charts, a very strong sign of next bulls, which by the breathing of $1574, and confirmation of $1582, can open the doors for January high above $1612. In the flip side, just returning under $1552 can change the direction!
Pivot point: 1566.05
Resistance levels: 1570.12 / 1574.50
Support levels: 1561.65 / 1557.57
Today, the expected trading range is between 1561.65 support and 1574.50 resistance.
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