Corona virus news:
China seeks to lead amid talk of 10m potential global cases
Residents of Wuhan, the Chinese city where the Covid-19 pandemic began, have been told to stay indoors and remain vigilant ahead of an easing of travel restrictions. Meanwhile, Beijing is stepping up a media campaign in the west to frame its handling of the disease as an example of global leadership.
The country's Covid-19 statistics have been called into question, but on Thursday China recorded just 31 new cases, 29 of them in people arriving from other countries.
Technical analysis:
Gold has been trading upwards.The price tested and rejected of the very important pivot level at $1.619, which is sign that there is potential for downside rotation.
I found the upward channel that is active and the eventual breakout to the downside may confirm further drop towards the levels at $1.566 and $1.515. Selling opportunities will be preferable in case of the downside break.
If you see the breakout of $1.620 level, watch for buying opportunities on the dips with the target at $1.643.
Stochastic oscillator is showing overbought condition and potential for the downside movement.
Intraday resistance level is set at the price of $1.619
Support levels and downward targets are set at the price of $1.566 and $1.515.
