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FX.co ★ Analysis for Gold 05.08.2020 - Gold is very close to the breakout fo the symmetrical tirangle. Watch for potential buying opportuniuties in case of the upward breakout.

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Forex Analysis:::2020-05-08T11:49:21

Analysis for Gold 05.08.2020 - Gold is very close to the breakout fo the symmetrical tirangle. Watch for potential buying opportuniuties in case of the upward breakout.

Corona virus summary:

Analysis for Gold 05.08.2020 - Gold is very close to the breakout fo the symmetrical tirangle. Watch for potential buying opportuniuties in case of the upward breakout.

UK will take "tentative steps" out of lockdown, says government minister

Much of the Uk is on tenterhooks, waiting to see what lockdown measures - if any - will be relaxed on Sunday, when the prime minister Boris Johnson will make an announcement.

While the UK government has talked down the extent of any impending changes, this morning the country's culture secretary, Oliver Dowden, said the prime minister would set out"tentative" steps leading out of the lockdown.

Speaking to BBC Breakfast, he said:

We can start to look to the future but we'll have to do so in a very tentative and cautious way, so people should not expect big changes.
If there is any indication that things are starting to get out of control, we won't hesitate to step back.
But people should be able to look forward to the weeks and months ahead to know where we are going and the order in which we are doing it.

Technical analysis:

Gold has been trading upwards towards the level of $1,720. The Gold is at the very important reistance (supply trendline of the symmetrical triangle) and my advice is to watch for the eventual breakout to the upside to confirm further rise on the Gold.

Trading recommendation:

Watch for potential breakout of the resistance at $1,725 to confirm further upside movement. In case of the upside breakout, the target will be set at $1,790.

Resistance levels are set at the price of $1,737, $1,746 and $1,790.

Support levels are set at the price of $1,712 and $1,680.

Analyst InstaForex
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