Corona virus summary:
The reproduction number of the Covid-19 virus has sunk to a new low in Germany. The health minister, Jens Spahn, said there was now enough evidence to declare the lockdown strategy a success, citing a lowering of the relative day-on-day growth of the pandemic in Germany. Meanwhile, Spain's overnight death toll from coronavirus rose to 585 on Friday, up from 551 on Thursday but still far off figures of more than 900 registered during the peak of the outbreak in early April. Its number of overall coronavirus cases rose to 188,068 on Friday from 182,816 on Thursday, a 2.9% increase.
Technical analysis:
Gold has been trading downwards. The price tested the level of $1.683, which is important support pivot. I see that there is potential that Gold finished the downside correction (ABC) and that upside rotation is possible.
Trading recommendation:
Watch for buying opportunities due to test of the support and the upward targets are set at the price of $1.706 and $1.733.
MACD oscillator is still showing positive reading on the 4H time-frame, which is sign that up cycle is still active...
Resistance levels are set at the price of $1.706.
Support zone is set at the price of $1.683-$1.673.