Gold Price Analysis: Stays below $1,560 following Tuesday’s bearish spinning top
Gold remains on the back foot while trading around $1,556.90 during the Asian session on Wednesday. The yellow metal portrayed a bearish candlestick formation, backed by bearish MACD, during the previous day.
As a result, the bullion’s prices are likely to decline further towards 38.2% Fibonacci retracement of its November-January rise, at $1,547, ahead of testing 21-day SMA level of 1,542.55. During the precious metal’s downside past-21-day SMA, 50% of Fibonacci retracement and November month high could please sellers around $1,528 and $1,515.
Gold remains under pressure around $1,551 as US dollar keeps the gains
Gold bounces off the intra-day low of $1,550.40, flashed a few minutes back, to $1,551.30 by the press time of the pre-European session on Wednesday. In doing so, the safe-haven ignores the geopolitical risks emanating from China and the uncertainty surrounding the US-China trade relations. The reason could be found in the US dollar strength that has a negative correlation with the yellow metal.
China’s outbreak of coronavirus took nine lives by the end of Tuesday, as confirmed by the China National Health Commission (NHC). The same renews fears of the return of the Severe Acute Respiratory Syndrome (SARS) virus that resulted in 774 deaths in 2002/03. The NHC said it will take strict monitoring measures over the Wuhan city that is known to be the epicenter of the virus.
|Today last price||1551.88|
|Today Daily Change||-6.93|
|Today Daily Change %||-0.44|
|Today daily open||1558.81|
|Previous Daily High||1568.62|
|Previous Daily Low||1546.5|
|Previous Weekly High||1562|
|Previous Weekly Low||1536.35|
|Previous Monthly High||1525.1|
|Previous Monthly Low||1454.05|
|Daily Fibonacci 38.2%||1554.95|
|Daily Fibonacci 61.8%||1560.17|
|Daily Pivot Point S1||1547.33|
|Daily Pivot Point S2||1535.86|
|Daily Pivot Point S3||1525.21|
|Daily Pivot Point R1||1569.45|
|Daily Pivot Point R2||1580.1|
|Daily Pivot Point R3||1591.57|
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