FX.co ★ Analysis for Gold 03.23.2020 - Strong demand and potential testing of $1.554-$1.570

Corona virus news:

Readings from ESA's Sentinel-5P satellite show that over the past six weeks, levels of nitrogen dioxide (NO2) over cities and industrial clusters in Asia and Europe were markedly lower than in the same period last year.

Technical analysis:

Gold has been trading upwards. The price tested the level of $1.540. I found that Gold got strong momentum to the upside but the major resistance levels are awaiting at $1.554-$1.570. I also found the Fibonacci expansion 100% at the price of $1.540.

Buying opportunities on the dips towards the levels at $1.554-$1.570 can be intraday option for today but then, your focus should shift to the bearish opportunities.

Stochastic oscillator is showing Overbought reading but still without bear cross.

Resistance levels are set at $1.554-$1.570

Support level is set at the price of $1.518.