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Gold analysis – 30 March
By: Ahura Chalki
Gold started a week by losing the ground, while DXY with 0.30% gain, chasing after 99-level. So far, Asian stocks also trading in the negative zone. In a press time, Nikkei down by 3%, while Hang Seng and Shanghai, respectively losing by 0.52% and 0.87%. Usually Asian stocks and Gold, moving in the opposite direction. Fears of recession and damages by a coronavirus, move the stock market lower, which makes the people think more about the current situation and try to keep the cash and not rush to the new investment.
Despite all FED’s and white housestimulates and interbank facilities with other countries to ease the availability of USD, DXY started to gain back its loss of last week, trying to reach the upper levels, since more people are trying to safe cash and their current situation, which helps to the greenback to gain and the Gold to lose.
Gold technical analysis:
In the H4 chart, the OBV line moved under the trend line, while CCI also reaching the 0-level, lowering from 200. $1600, the lower band of BB in the H4 chart, is the key support at the moment, trading above this level, will keep the bulls in the market, while breaching this level, can conform the downtrend. The market volume also still is very low, almost at 4.
Pivot point: 1620.62
Resistance levels: 1627.35 / 1637.47
Support levels: 1610.50 / 1603.77
Today, the expected trading range is between 1603.77 support and 1637.47 resistance.
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