Corona virus summary:
The start of May sees more than half a dozen states relax lock-down measures that were imposed as the corona virus pandemic began spiraling out of control on U.S. soil. As of Friday morning, the U.S. has seen more than a million corona virus cases and more than 63,000 deaths.
President Trump announce a plan on April 16 to reopen the country in three phases, based on the severity of the outbreak in each state or region.
Technical analysis:
Gold has been trading downwards. The price tested and rejected of the level at $1,670, which is good sign for the potential rally. My advice is to watch for buying opportunities on the dips using the intraday frames like 15/30 minutes...
Trading recommendation:
Watch for potential buying opportunities on the dips with the upward targets at the price of $1,691 and $1,716.
Stochastic oscillator is in oversold condiiton and there is the fresh bull cross, which increases the odds for the rally.
Resistance levels are set at the price of $1,691 and $1,716.
Support level is set at $1,6170.