Gold Price Analysis: Support emerged around $1,550

Prices of the ounce troy, dropped to fresh monthly lows.
Risk-on trade sustains the exodus from the safe haven metal.

Pablo Piovano FXStreet

Prices of the ounce troy of the yellow metal remain immersed into a generalized pessimism alternating gains with losses in the $1,570/80 region.

Gold supported at $1,550

Prices of the yellow metal are recovering ground lost in the last three sessions and are looking to extend the bounce after meeting contention in the $1,550 region, where converge monthly lows and a Fibo retracement of the December-March rally.

In addition, the recent decline in prices have been tracking the negative divergence between prices and the daily RSI. Further downside should not be surprising and could test the key 200-day SMA, today at $1,497.57.

In the meantime, price action around the precious metal continues to look to the developments from the coronavirus vs. the impact on global economy and action from central banks, mainly in the form of a reduction of interest rates and/or the injection of money into the system.

Gold key levels

As of writing Gold is losing 0.47% at $1,568.58 and faces the next support at $1,551.60 (monthly low Mar.13) seconded by $1,549.35 (61.8% Fibo of the December-March rally) and finally $1,535.68 (100-day SMA). On the other hand, a breakout of $1,689.30 (monthly high Feb.24) would expose $1,703.60 (2020 high Mar.9) and then $1,723.30 (monthly high December 2012).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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