At XAUUSD Gold Chart Technical Analysis we are seeing a return to previous days when prices were below current levels. The current price of gold is $ 1575 per ounce, which is expected to see a significant price drop. This price reduction can continue up to number 1449 . Also at price 1611 we have price ceiling and resistance and at price $ 1445 we have good price floor and support. We can also use the technical technique of fork in this analysis, which also derives acceptable time analysis.
The most important resistance and support lines for XAUUSD :
S1 : 578.15
S2 : 1574.30
S3 : 1569.08
Pivot Points : 1575
R1 : 1587.21
R2 : 1592.46
R3 : 1596.31
The onset of the severe virus in China has affected all major markets in the world. Most stocks have been affected by the virus's decline in stocks. We are also seeing a decline in the oil and gas industry. Fear of the virus has driven most of the working capital to secure investment, including gold. Gold in general promotions in times of security is usually either less volatile or neutral, but in times of crisis it is accompanied by significant price increases.
Due to the rapid growth of the virus, many important global economic policy meetings in China, Japan and European countries have been canceled. There is also news of the closure of many factories and manufacturing plants in China, which has significantly damaged the Chinese economy. On the other hand, a senior Russian official in his interview blamed the United States for the emergence of the deadly virus in China and described it as a US tool in the trade war with China.