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Gold analysis – 9 April 2020
By: Ahura Chalki
Gold spend a day in the uncertain range of $1640 – 1656 all day, during the last trading day. This uncertain movement comes from the uncertain economic situation as well as mixed news from COVID-19 progress in different countries, as well as new stimulus packages from Japan, US, and disagreement of the EU member on “Cronabonds”, which is following by Spanish, Italian and French in one side and rejection by Germans on the other side, even though Germans say they are close to the deal, however, have to wait and see what they will decide today.
For today, British GDP, Initial jobless claim and consumer sentiment from the US will be in the spotlight from one side and next move of EU members on the other side.
Yesterday and in New York, stock markets ended with more than 3% gain, the trend which is following by futures and Asian markets, as well, which is not a positive signal for the Gold price, but we need to find out that these green candles in the stock markets, are correction and “dead cat bonus” or the correction will end with changing the direction, as well.
Gold technical overview- H1
Bollinger bands are getting closer together, while price moves almost on the middle line of BB, signaling of a big jump or free-fall in the near term. Heiken Ashi Candles has no specific signals, while the price is still above the OBV trend line. Market volume again lowered and now it is on 2.
Pivot point: 1646.67
Resistance levels: 1652.35 / 1662.25
Support levels: 1636.78 / 1631.10
Today, the expected trading range is between 1631.10 support and 1662.25 resistance.
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