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Gold analysis – 28 April 2020
By: Ahura Chalki
Gold kept its decline, how it was mentioned in yesterday’s daily analysis. Pandemic fears are easing, as Australia and New Zeland getting back to their normal life and kids in china, started going back to their schools, all signaling of risk-on mode, and hopes in the market, which pushed the main indices to end the day on first day of the week, in a strong position.
On the other hand, BOJ’s Monday meeting and unlimited support plan of economy, with hoping on other major central banks, as ECB and FED, helping the markets to have positive sentiments and more pressure on the Gold.
Gold technical overview – H1
At the time of writing, yellow metal already breached its key support levels at $1700 and $1693. Trading outside of BB bands and RSI at 24, signaling of oversold, lower trading volume besides the signals of other technical indicators, supports the bears here, with correction possibility around $1700, which is key resistance at the moment. Breathing above $1703 -4 can change the direction, otherwise, bearish is more likely.
Pivot point: 1715.07
Resistance levels: 1724.22 / 1737.15
Support levels: 1702.15 / 1693.00
Today, the expected trading range is between 1693.00 support and 1724.22 resistance.
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