Corona virus summary:
Singapore Airlines has reported an annual loss of almost $150m, driven by the collapse in air travel caused by the coronavirus pandemic, and the latest sign of the outbreak's devastating impact on the aviation sector.
The airline group - which includes subsidiaries SilkAir and Scoot - suffered a net loss of Sg$212m (US$148m) for the financial year that ended on 31 March, compared to a profit of Sg$683m last year.
"Fears about the spread of the virus, as well as global travel restrictions and border controls, led to a collapse in the demand for air travel during the quarter," the airline said in its financial report.
Technical analysis:
Gold has been trading upwards. As I expected the Gold did breakout the pivot high at $1,711 and it confirmed the start of the upside cycle. My analysis from yesterday is still active and i do expect the breakout of the symmetrical tirangle pattern, which will be confirmation for the further upside movement.
Trading recommendation:
Watch for potential buying opportunities with the SL at $1,695 and potential upward targets at $1,746 and $1,790.
