XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Gold reaches new high
Information is not investment advice
The price for the yellow metal has crossed the level at $1,341. The next resistance will lie at $1,355. If bears take over the market, they will try to pull the price for gold lower towards the support at $1,320. The next key level will be placed at $1,305. Technical indicators, such as RSI and Stochastic show that the market is overheated. If Stochastic indicator forms a crossover in the overbought zone, it may provide a selling opportunity.
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.