Corona virus news:
The scale of the global economic damage from the corona virus outbreak is becoming clearer after early warning signs showed the steepest plunge in business activity ever recorded in Britain, Japan and the euro zone.
As more countries shut down large parts of their economies to contain the spread of the virus, the purchasing managers indices (PMI) for several of the world's biggest economies fell to the lowest levels since records began more than two decades ago.
Technical analysis:
Gold has been trading upwards as I expected. The price reached my yesterday's target and Pitchfok Median line at the $1.610. Since the price reached Median line, I do expect several pivots to form around the median line.
Watch for potential downside rotation towards the support levels at $1.584 and $1.560.
Stochastic oscillator is showing bearish divergence and potential for rotation to the downside.
Major resistance level is set at the price of $1.610
Support levels and downward targets are set at the price of 1$1.584 and $1.560.
