empty
 
 
09.04.2020 02:31 PM
Analysis for Gold 04.09.2020 - Watch for reaction at the major pivot high at $1.674 to confirm further direction

Corona virus news:

This image is no longer relevant

Japan's health ministry said Thursday that the country had more than 500 new cases for the first time on Wednesday, bringing the national total to 4,768 excluding hundreds from a cruise ship quarantined near Tokyo earlier this year.

The continuous climb comes two days after Prime Minister Shinzo Abe declared a state of emergency in Tokyo and six other hard-hit prefectures, while asking people to reduce at least 70% of human interactions.Speaking in parliament on Thursday morning, he defended his government's handling of the Covid-19 crisis and said the continuing lockdown, which has been in effect since 14 March, was the best way to tackle contagion

Technical analysis:

Gold has been trading upwards. The price tested the level of $1.664. The important pivot is set at the price of $1.674. Watch for the price action at the important pivot to confirm further direction.

The eventual failures to test or break the pivot resistance at $1.674, may lead Gold downside towards the levels at $1.64 and $1.618.

The eventual upside breakout of the resistance at $1.674 may lead the Gold towards the level at $1.700.

Stochastic oscillator is showing fresh upside flimp, which is indication of the upside cycle.

Resistance levels are set at the price of $1.674.

Support levels are set at the price of $1.640 and $1.618.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback