Analysis for Gold 03.31.2020 – Watch for the prrice action around the our main pivot at the price of $1.588 to confirm further

Corona virus news:

US cases almost double China’s as deaths top 3,000

The US has suffered its deadliest day so far during the coronavirus pandemic, with the death toll passing 3,000 and the number of confirmed cases almost double those in China, where the disease first emerged. New York is the centre of the country’s outbreak, but governor Andrew Cuomo warned on Monday that his state’s experience was only a harbinger of what was to come across the US. “There is no American that is immune,” he said.

Cruise ships. The US Navy hospital ship Comfort was welcomed in New York on Monday. But in Florida, governor Ron DeSantis has refused to admit two Covid-19-stricken cruise ships, carrying hundreds of vulnerable elderly passengers.

Liberty University. One student has tested positive for the virus and almost a dozen are exhibiting symptoms after Jerry Falwell Jr, the president of Virginia’s Christian, conservative Liberty University, defied the lockdown to reopen its campus.Technical analysis:

Gold has been trading downwards. The price tested the level of $1.595. The level of $1.588 will be very important pivot level for the further development on the Gold.My recommendation will be to carefully watch the price action around $1.588.

Eventual downside breakout of the $1.588 may confirm test of $1.565, $1.547 or even $1.454

The rejection of the area around $1.588 may confirm further upside continuation and eventual test of $1.642.

Stochastic oscillator is showing negative bias with no fresh new bull cross.

Resistance level is set at $1.642.

Support levels are set at the price $1.565, $1.547 and $1.454

The material has been provided by InstaForex Company –

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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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