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Gold is at a moderate growth at the start of the week

Apr 6 2020, 02:11 PM (BDT) |

On Monday, gold remains in the green zone, despite continued pressure from the dollar and the positive dynamics of stock indexes. Investors are still concerned about the situation with the spread of the pandemic (more than 100 thousand new cases of infection are registered throughout the world per day); therefore, the demand for protective assets, including gold, remains high.


In an interview with Fox News, US chief medical officer Jerome Adams warned Americans that next week would be "the hardest and saddest day for most Americans" and compared the pandemic with the attack on Pearl Harbor in 1941 and the September 11, 2001 attacks. He noted that the next week could be a turning point in the fight against the virus.


Considering the above, the situation in the global economy continues to deteriorate, so most experts believe that the medium-term precious metal will retain an upward movement vector.


Bullish signals prevail on the chart. The price has fixed above the level of 1610.00 and now has a good opportunity for further growth towards 1645.00.


Resistance Levels: 1645.00, 1680.00, 1700.00;


Support Levels: 1610.00, 1585.00, 1575.00.


The main scenario - an increase towards 1645.00.


An alternative scenario - a breakdown of support at the level of 1610.00 and a decline towards 1585.00.


The fundamental outlook is moderately positive. Bullish signals prevail on the chart, so within the daily framework we prioritize longs from the level of 1610.00.

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