Gold Price Analysis: $1,590 critical to recovery after first US coronavirus-related death
Margin calls that were the result of the stock market crash have reportedly been behind the massive correction in gold prices. However, weak Chinese PMIs and the first coronavirus-related death in the US may trigger further risk aversion. How is gold positioned ahead of a busy week?
The Technical Confluences Indicator is showing that $1,590 is a critical level. It is the convergence of the Fibonacci 23.6% one-month, the Bollinger Band 4h-Lower, and the previous 4h-high.
Crossing that line opens the door to further gains, with softer resistance awaiting at $1,593, where the BB one-day Middle and the Fibonacci 23.6% one-week.
Support awaits at $1,576, which is where the previous 4h-low and the Fibonacci 38.2% one-month meet.
It is backed up by the $1,572, which is where the 50-day Simple Moving Average hits the price.
Here is how it looks on the tool:
Confluence Detector
Sounds like A New form Of Flu Virus ( Confluence Detector)
Gold Price Analysis: $1,590 critical to recovery after first US...
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Last
$4.45 |
Change
0.060(1.37%) |
Mkt cap ! $3.361B | |||
| Open | High | Low | Value | Volume |
| $4.50 | $4.56 | $4.43 | $12.26M | 2.742M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 50 | $4.44 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.46 | 21218 | 3 |
View Market Depth
| Last trade - 16.11pm 01/07/2025 (20 minute delay) ? |
| RRL (ASX) Chart |