Losing its shine, after the best day in a decade!

0

This post is also available in: فارسی (Persian)

Gold analysis – 25 March 2020

By: Ahura Chalki

For the second day in a row, Asian markets were positive and Nikkei closed with more than 6% gain. US market also had a great Tuesday, with Dow gaining 11.337%, however, futures losing the ground. By the time of writing, S&P losing almost 1%, while NASDAQ’s future losing 1.28%.

Gold replied by $180 in the past three trading days, while yesterday with more than 6% jump, tested its best day ever in a decade. In the Asian season, yellow metal started falling down by near $30, trading currently around $1605.

The gold price movement became a bit unexpected since central banks did what they could do at the moment, while stress in the market is raising more. The problem is no one knows when it goes to finish this story, however, continuing this situation, is positive for Gold bulls.

Gold Price Analysis:

Technical indicators in the H1 chart started supporting the bears. Stochastic moves flat at the oversold area, the Market volume is almost zero (3.2) and RSI has slope down from over 50 areas.

Pivot point: 1610.63

Resistance levels: 1667.58 / 1690.02

Support levels: 1588.20 / 1531.24

Today, the expected trading range is between 1588.20 support and 1667.58 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here