Gold seesaws around $1,630 as coronavirus woes prevail

Gold prices fail to hold onto early-day uptick.
US stock futures, treasury yields down amid risk-off.
US President Trump extends social-distancing until April 30, Japan's government to extend the entry ban.

Anil Panchal FXStreet

Global markets continue to struggle with the coronavirus (COVID-19) pessimism as Gold takes rounds to $1,630, currently up 0.10% near $1,628, amid Monday’s Asian session. While the weekend headlines suggested US President Donald Trump removing quarantine from the hot-spot, the latest extension to social-distancing till April 30 seems to weigh on the risk-tone.

US President Trump, in his latest Coronacvirus Task Force Briefings, said to extend the social distancing till April 30. The Republican leader also anticipated that the highest point in death rates from the virus is likely to hit in two weeks. However, his teammates like Anthony S. Fauci and Deborah Birx might not agree as they earlier projected a heavy increase in the pandemic death toll and infection numbers.

Japan government is also considering expanding entry ban to those traveled from the US, China, South Korea and most of Europe, as per Reuters. On the other hand, the BOJ cited capital buffer and liquidity requirements as countermeasures to the central bank’s Open Market Operations (OMO).

Elsewhere, the UK Telegraph relies on the National Health Services (NHS) London Trust to say that the intensive care for coronavirus patients now limited to those 'reasonably certain' to survive.

The trade sentiment continues to dwindle with the 10-year US Treasury yields extending the previous downside by seven basis points (bps) to 0.667% by the press time. Also portraying the risk-off are the US stock futures and Japan’s NIKKEI.

Given the lack of major data/events, investors may keep eyes on virus headlines and measures to combat the pandemic for fresh impulse. It’s worth mentioning that the US dollar is retracing some of its latest losses and might limit the yellow metal’s advances.

Technical analysis

Buyers are waiting for a sustained move beyond $1,645 to accelerate the gradual recoveries from the 21-day SMA level of $1,595.

Additional important levels

Overview
Today last price	1628.02
Today Daily Change	1.36
Today Daily Change %	0.08%
Today daily open	1626.66

Trends
Daily SMA20	1591.73
Daily SMA50	1588.7
Daily SMA100	1541.74
Daily SMA200	1509.29

Levels
Previous Daily High	1632.35
Previous Daily Low	1614.45
Previous Weekly High	1644.54
Previous Weekly Low	1482.74
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1621.29
Daily Fibonacci 61.8%	1625.51
Daily Pivot Point S1	1616.62
Daily Pivot Point S2	1606.59
Daily Pivot Point S3	1598.72
Daily Pivot Point R1	1634.52
Daily Pivot Point R2	1642.39
Daily Pivot Point R3	1652.42

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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