Oil is testing support
The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
XAU/USD has reached resistance
Information is not investment advice
XAU/USD reached resistance of the uptrend channel in the area of 1347. There’s a bearish divergence between the price and the oscillators on D1. This is a sign of the potential correction to the downside. Support lies at 1326 (previous high) and 1310 (trendline support). At the same time, the uptrend looks rather strong, so we can’t rule an attempt of buyers to test higher levels. The targets will lie at 1357/1360.
Elizabeth Belugina
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