Corona fear drained gold, Upwards channel intact
A corrective bounce is being seen as intraday charts are reporting bullish divergences and a possible sign of return? (Check blue arrowed trend line below the chart and on the RSI)
For a clearer Picture -
Corona fears have drained Gold prices, and caused a massive market panic and printed the lowest level since Feb. 5 @ 151.21 after dropping for a third straight day on Thursday.
However, there's appears good news for Gold buyers as it's on strong support and seems to return.
(after bumping into SMA 200 on Daily chart)
Gold price settles around 1588.00 since morning, and as long as the price is above 1545.00, the bullish overview will remain valid for the upcoming period.
Import resistance levels to watch - 1624.81 - 1635
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