FX.co ★ Analysis of Gold for June 12,.2020 - Rejection fo the rising trednline and confirmation for ther furhter rise towards the $1.765

News COVID:

reported almost 10,000 new coronavirus cases on Thursday, with hospitals swamped in the worst-hit cities of Mumbai, New Delhi and Chennai, and predictions that the infection rate will not peak before the end of next month.

Technical analysis:

Gold has been trading upwards. As I expected,the price tested and rejected of the level at $1,723, which is good sign for the further rise.

Trading recommendation:

Watch for buying opportunities due to the potential end of the downward correction and the start of the new upper leg.

I see potential for the upside rotation towards the level at $1,765

Support level is seen at the price of $1,723

Stochastic oscillator is showing fresh bull cross, which is another sign for potential rise...

Additionally, I found that rejection of the support trend line, which is another indication for the further rise.