Analysis for Gold 04.30.2020 – Broken resistance supply trendline in the background and strong demand today. Watch for upside

Corona virus news:

Nearly half the global workforce – more than 1.6 billion people –could lose their livelihoodsdue to coronavirus restrictions and lockdowns, according to a UN International Labour Organization report. These include many informal workers, such as domestic workers, agricultural workers and street vendors, who may not have worker benefits or social protection. “For millions of workers, no income means no food, no security and no future,” said the organisation’s director general Guy Ryder. “As the pandemic and the jobs crisis evolve, the need to protect the most vulnerable becomes even more urgent,” he said.

Technical analysis:

Gold has been trading upwards at the price of $1,721 as I expected yesterday. I still see posibility for the further upside movement towards the levels at $1,736 and $1,748.

Trading recommendation:

Watch for potential buying opportunities on the dips using the intraday time frames 15/30 minutes for the better entry. Protective stop can be placed at $1,708 and upward targets at $1,736 and $1,748.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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