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Geopolitical tensions/ COVID-19 wave 2 concerns, will keep Gold strong- GOLD Market Outlook – 22/05/2020

SquaredFinancial

Rising geopolitical tensions and jobless claims topping 2 million for the 9th straight week did little to lift gold prices, ending yesterday’s session at $1725.55, while concerns over a second wave of Covid-19 infections along with further escalation in U.S-China relationships should keep the yellow metal well supported. Looking ahead, the catalyst needed for higher prints is an hourly close above our resistance level at $1730 which coincides with the 200-period SMA.

Support: 1717.50 / 1708.56 / 1700
Resistance: 1730 / 1738 / 1750 / 1764

SquaredFinancial Daily Market Outlook


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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/geopolitical-tensions-covid-19-wave-2-concerns-will-keep-gold-strong-gold-mar
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