03.04.2020
Gold consolidates below 1,620.00 amid the publication of the US employment data. Since the end of March, the quotes of the precious metal have been moving in the flat range of 1,570.55–1,641.00 amid the highly uncertain prospects for the global economy due to the ongoing coronavirus pandemic. Expect this pattern to continue in the near future.
Technical side:
The price is above middle Bollinger band, below SMA 5, but above SMA 14. RSI is above the level of 50% and gradually decreases. Stoch habe turned down.
Trading recommendations:
The gold price can go both up or down amid the volatile trading against the backdrop of the uncertainty caused by the pandemic. A further growth to 1,641.00 is possible if the price goes above 1,620.00. At the same time, a fall below 1,605.00 will lead to a further drop to 1,570.55.
The Gold Spot rate online: monitor the movement of metals in real time.
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