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Gold analysis – 8 April 2020
By: Ahura Chalki
- The US stocked closed in the Red.
- Futures trading Green and Asian markets are mixed.
- Bonds and Yields raising more.
The US data pushed more pressure on the stock market despite knowing that this is not a deep crisis, just a sharp move. The economy is damaged badly, but infrastructures are there and ready to start over, that’s what exactly governments also trying to do, to keep the businesses alive and standby.
However, data from different countries around the globe are different and it makes to have an uncertain overview of where exactly we are staying, which creates more unexpected movement for gold as well, as we can see in stock markets. Still, headlines can change the directions every minute. However, higher Yields can push the price lower, than higher.
Today eyes will be on FOMC meeting minutes, as it gives better understanding of the situation and where exactly economy is.
Gold technical analysis:
Above $1600 level, still keeps the gold in the positive mode, however, it is hard to get new buyers, under yesterday high at $1472, as it can confirm of more bulls.
Pivot point: 1652.38
Resistance levels: 1663.50 / 1683.00
Support levels: 1633.34 / 1622.67
Today, the expected trading range is between 1633.34 support and 1683.00 resistance.
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