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02.06.202014:06 Analysis of Gold for June 02,.2020 - Watch for the breakout of the symmetrical triangle contraction pattern to confirm further direction

News :

Exchange Rates 02.06.2020 analysis

(Bloomberg) -- German Chancellor Angela Merkel will seek to broker a compromise Tuesday on a second stimulus package to help Europe's biggest economy recover from the deep recession caused by the coronavirus.

Merkel's government launched an initial shot of stimulus and guarantees in March to cushion consumers and businesses from the impact of the outbreak. Officials are now focusing on trying to bring the economy back from a contraction expected to exceed 6% this year, the deepest since the aftermath of World War II.

Merkel will host officials from the ruling coalition of her Christian Democratic-led bloc and the Social Democrats in Berlin from 2 p.m. local time. They'll attempt to thrash out a deal on a plan worth between 50 billion euros ($56 billion) and 100 billion euros, a person with knowledge of the matter told Bloomberg last week.

Technical analysis:

Gold has been trading sideways at the price of $1,741. I found that market is in contraction and waiting for the next breakout of consolidation to confirm further direction.

Trading recommendation:

Watch for the breakout of the symmetrical triangle to confirm further direction. The upside breakout of the $1,744 may lead us for test of $1,753 and $1,765

The down break of support at $1,734 may lead us for test of $1,717

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020
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