Corona virus news:
China seeks to lead amid talk of 10m potential global cases
Residents of Wuhan, the Chinese city where the Covid-19 pandemic began, have been told to stay indoors and remain vigilant ahead of an easing of travel restrictions. Meanwhile, Beijing is stepping up a media campaign in the west to frame its handling of the disease as an example of global leadership.
The country's Covid-19 statistics have been called into question, but on Thursday China recorded just 31 new cases, 29 of them in people arriving from other countries.
Gold has been trading upwards.The price tested and rejected of the very important pivot level at $1.619, which is sign that there is potential for downside rotation.
I found the upward channel that is active and the eventual breakout to the downside may confirm further drop towards the levels at $1.566 and $1.515. Selling opportunities will be preferable in case of the downside break.
If you see the breakout of $1.620 level, watch for buying opportunities on the dips with the target at $1.643.
Stochastic oscillator is showing overbought condition and potential for the downside movement.
Intraday resistance level is set at the price of $1.619
Support levels and downward targets are set at the price of $1.566 and $1.515.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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