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By: Ahura Chalki
Softer move, preparing for Jump?
COVID-19 still keeps the Gold in a bid. The yellow metals traded flat, in $1574 – 78 area, since yesterday’s EU season. Still, Coronavirus headlines lead the market, as the third victim out of the Chinese border, seen in Japan, 74 years old lady, which still could not find any connection between her and Hubei State of China! (Daily Mail)
Elsewhere, Stock markets in Asia, EU and the US closed lower last night, however, by opening the Asian season, we can see again markets doing better with green candles, despite yesterday’s loss.
For today, German’s GDP and the US Retail Sales will be in the spotlight for traders and investors.
Gold technical analysis:
In the H4 chart, while stochastic shows correction signs in the short term, other technical indicators remain of more bulls. Still, $1578 is the immediate resistance. Closing above this level still opens the doors for $1600 area and just breaching under $1552, can change the trend.
Pivot point: 1573.32
Resistance levels: 1581.08 / 1586.03
Support levels: 1568.38 / 1560.60
Today, the expected trading range is between 1568.38 support and 1586.03 resistance.
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