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By: Ahura Chalki
Covid-19 and nothing else!
The clear reaction of markets to the fears of more virus spreading. Now, South Korea, Iran, and Italy are in the spotlight as Italy reported 3 deaths, Korea 7, and Iran 8 (BBC).
In reaction, Stocks, and Futures almost all of them, were sold. S&P500 falling 1.40% in early Asian trades. Hang Seng falls 1.45%, Shanghai0.25%, and Singapore 1.04%, Australia’s benchmark index slid 2.2% while New Zealand was about 1.3% lower. The Japanese market is closed today.
From early Asian season by now, Gold rose over 1%, trading now above $1662. It is just clear why the Gold price is rising and as long as coronavirus is spreading more, Gold will be in bid.
Gold technical analysis:
Gold in early trades could breathe first and second resistance levels, trading above $1645, will bring 2013 high at $1698.
Pivot point: 1635.66
Resistance levels: 1658.43 / 1666.73 / 1685.34
Support levels: 1628.36 / 1608.60 / 1595.13
Today, the expected trading range is between 1658.36 support and 1685.34 resistance.
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