GOLD Recovering From the Lows: Eyes $1865 Level
By Deya Hroob
Gold prices rose
today, Monday, after hitting the lowest level in a month and a half earlier in
the session, supported by the chances of approving a huge American package for
relief from the repercussions of the Corona virus.
The spot price of gold
rose 0.5 percent to $ 1837.78, after falling earlier to $ 1803, its lowest
level since the second of December.
GOLD
Technical Analysis
Gold has recovered from
the low $1803 earlier today and closed at $1837.78 . The weekly chart shows that the 50-weekly
EMA offers great support for each dip. ( now at $1791).
On the daily chart, the
precious metal respected both the uptrend line and the 200-day EMA which is
quite positive. $1865 will be the first hurdle for GOLD, then the
psychological level at $1900.
On the flip side, if we
lose the trend line, a fall to the strong support structure is possible.
Trade Wise and Good Luck,
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