- Gold drops from a multi-month high.
- No positive change in the coronavirus headlines.
- Japan PM, US President expected to showcase, unveil measures.
- The collapse in oil prices exerts downside pressure on the global policymakers.
Following its run-up to the highest since December 2012, Gold prices drop to $1,662.80, down 0.73%, ahead of the European open on Monday. The yellow metal’s early-day run-up could be attributed to the week-start risk-off whereas the latest declines might have taken clues from the global policymakers’ readiness to counter the coronavirus (COVID-19).
A complete blockage in Lombardy and the rising death toll in Italy, coupled with the news from Saudi Arabia and Russia, triggered the early-Asian risk-off moves. The momentum propelled the yellow metal towards a multi-month top piercing $1,700, high of $1,703.40.
While portraying this, the US 10-year treasury yields recover from the record low of 0.47%, flashed during the early-day, to 0.528% by the press time. Additional recovery could also be witnessed in Asian stocks that are retracing from the initial loss of more than 4.0% to sub-3.0% in most cases.
With the COVID-19 headlines in the stoplight, investors will hardly move anywhere else to search for near-term direction. Should global efforts manage to find a cure for the deadly disease, the latest pullback could result in full-fledged risk-recovery.
Friday’s Doji seems to drag the quote towards $1,625, ahead of highlighting $1,611 support. However, an upside break of a rising trend line from January 08, at $1,713 could challenge $1,720 during the further advances.
Additional important levels
|Today last price||1662.88|
|Today Daily Change||-11.30|
|Today Daily Change %||-0.67%|
|Today daily open||1674.18|
|Previous Daily High||1692.34|
|Previous Daily Low||1642.33|
|Previous Weekly High||1692.34|
|Previous Weekly Low||1575.58|
|Previous Monthly High||1689.4|
|Previous Monthly Low||1547.56|
|Daily Fibonacci 38.2%||1673.24|
|Daily Fibonacci 61.8%||1661.43|
|Daily Pivot Point S1||1646.89|
|Daily Pivot Point S2||1619.61|
|Daily Pivot Point S3||1596.88|
|Daily Pivot Point R1||1696.9|
|Daily Pivot Point R2||1719.63|
|Daily Pivot Point R3||1746.91|
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