Industry news:
Most coronavirus patients recover, still anxiety, fear loomAmid all the fears, quarantines and stockpiling of food, it has been easy to ignore the fact that more than 60,000 people have recovered from the coronavirus spreading around the globe.As long as Corona is still acrive the Gold might be in trouble to find buyers and the downside cycle can still be in the play...
Technical analysis:
I found that the Gold reached the median Pitchfork line at $1.575 aand it is now in process of consolidation before the further drop. Watch for the breakout of the mini Pitchfork upward channel to confirm further downside continuation and potential re-test of $1.536-$1.487.
MACD oscillator is showing new momentum down, which is strong sign of the bearish pressure.
Resitance levels are set at the price of $1.593 and $1.610
Support levels and downward targets are set at the price of $1.536 and $1.487.
