FX.co ★ Analysis for Gold 04.13.2020 - New momentum high and big demand for the Gold, I see further upside continuation on the Gold and potential test of $1.750

Corona news US:

New York continues to flatten the curve, Cuomo says

New York governor Andrew Cuomo said in his daily briefing that the state continues to flatten the curve of its coronavirus cases.

Cuomo noted the state appears to be hitting a plateau in the number of hospitalizations, and the three-day average of intubations is down.

Technical analysis:

Gold been trading upwards. I found that there is the breakout of the major pivot resistance at the prrice of $1.700 and I do expect further upside movement towards the level of $1.750.

Trading recommendation:

Watch for buying opportunities on the dips using the hourly or 4h time-frame with the upward target at the price of $1.750.

MACD oscillator is showing new momentum high, which is good indication for the further upside continuation.

Resistance levels are set at the price of $1.750.

Support pivot level is set at the price of $1.700.