FX.co - Analysis for Gold 04.20.2020 - Potential end of the downward correction ABC. Watch for upside rotation towarrds the level at $1.706.

2020-04-20T12:22:48

Relevance until2020-04-21

Analysis for Gold 04.20.2020 - Potential end of the downward correction ABC. Watch for upside rotation towarrds the level at $1.706.

Corona virus summary:

Analysis for Gold 04.20.2020 - Potential end of the downward correction ABC. Watch for upside rotation towarrds the level at $1.706.

Russia had managed to curb the coronavirus crisis but the peak of the outbreak still lay ahead. The number of Russian confirmed coronavirus cases surpassed 47,000 on Monday with a death toll of 405.

World Health Organization scuppered the publication of a communique by G20 health ministers on Sunday that committed to strengthening the WHO's mandate in coordinating a response to the global coronavirus pandemic.

Technical analysis:

Gold has been trading downwards. The price tested the level of $1.673, which is important support pivot as I mentonied last week. I see that there is potential that Gold finished the downside correction (ABC) and that upside rotation is possible

MACD oscillator is still showing negative reading on the 4H time-frame

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

#Technical analysis #Gold #COVID-19

Analytical expert

Petar Jacimovic

InstaFintech Group @ 2007-2025

FX.co ★ Analysis for Gold 04.20.2020 - Potential end of the downward correction ABC. Watch for upside rotation towarrds the level at $1.706.

Forex Analysis

Analysis for Gold 04.20.2020 - Potential end of the downward correction ABC. Watch for upside rotation towarrds the level at $1.706.