The Spanish government recommends Madrid to extend lockdown restrictions to all parts of the region
Madrid just announced that they are raising the number of areas under lock down to 45 from 37 moments ago, adding that about 1 million people in the region are reported to be in lockdown based on the latest restrictions.
But Spain's health minister has come out to say that the region should go into total lock-down instead to curb the spread of the virus outbreak.
For some context, Madrid has a population of roughly 6.6 million but the concern is that the hospitalization capacity is starting to see another drastic increase recently with nearly 500 patients hospitalized per day in the past week.
Spain reported 10,600 new virus cases yesterday as the virus situation in Europe continues to see more negative developments with France reporting a record daily number of infections yesterday and Germany seeing its highest daily increase since April.
As I discussed in the previous review, the Gold is still in the strong downward cycle and I see no evidence of any reversal yet.
Further Development
Analyzing the current trading chart of Gold, I found that sellers are still in control and that Gold might trade to my projected target at the price of $1,818.
My advice is still to watch for selling opportunities with the target at $1,818
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Sugar and Live Cattle today and on the bottom Lumber and Lean Hogs.
Key Levels:
Resistance: $1,863
Support level and downside target: $1,818
