XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Gold is rising
Information is not investment advice
The yellow metal could not stay for a long time near the $1,401 level. On H4, it is trying to stick above the 50-period SMA. The first resistance will lie at $1,415. After that, pay attention to the $1,424 level. If the bullish pressure is short-lived, gold will retest the $1,401 level. In the case of the breakout, pay attention to the $1,391 level.
The country has come through the worst and is recovering now.
Moody’s downgraded the country to ‘junk’ status on Friday.
The US economy has been hit hard by the coronavirus outbreak.