The three major U.S. stock indices plunged over 2.0% last Friday, while spot gold ended up 0.4%. U.S. Johns Hopkins University data showed that global coronavirus cases surpassed 10 million.

The infection number in the U.S. has passed 2.5 million, where Florida and Texas re-imposed coronavirus related restrictions. Gold is continued to be supported by renewed concerns over the coronavirus pandemic.

From a technical point of view, spot gold is trading within a bullish channel as shown on the 1-hour chart. Previously, it has rebounded sharply after reaching the lower boundary of the channel. Bullish investors might consider $1,761 as the nearest intraday support, while a break above the nearest resistance at $1,780 would open a path to the next resistance at $1,788. Alternatively, a break below $1,761 would suggest that the next support at $1,752 is exposed.

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DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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