FX.co ★ Analysis of Gold for May 27,.2020 - Downward target at the price of $1.74 has been reached but potetnial for the rally due to oversold condiiton

Corona virus summary:

The Americas have emerged as the new centre of the coronavirus pandemic, the World Health Organization (WHO) has said, as a US study forecast the number of deaths surging in Brazil and other Latin American countries through August.

"Now is not the time for countries to ease restrictions," Carissa Etienne, WHO director for the Americas and head of the Pan American Health Organization (PAHO), said via videoconference.

Technical analysis:

Trading recommendation:

Stochastic oscillator is showing the bull divergence, which is good indication for further rally.

Support level is seen at $1,704

Resistance level is seen at $1,718.