Technical Chart of the day – Hourly XAUUSD - GOLD
Safe haven assets reclaim their position as the coronavirus fears remain. Gold found support just below 1450$ and has bounced back following an inflation surge in China, coronavirus and political turmoil in Europe all of which have redirected many investors to precious metals and lower risk products. Gold traded above 1590$ only two weeks ago but a stronger US dollar has led to a new approaching resistance at 1576$.
Support: 1565$ Resistance: 1576$