Gold analysis – 24 Feb 2020

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This post is also available in: فارسی (Persian)

 

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.


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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