March 06, 2020
Spot gold peaked at $1681 per ounce today. Outbreak of corona virus pushing gold towards $1689, 24 Feb 2020 high. Although $1683 is a strong resistance, but most likely corona virus fear can take gold beyond this point towards the range of $1711-$1755.
The gain on Thursday could have been driven by a wave five, the final wave of a five-wave cycle from $1,445.18. A failure to break $1683 could confirm a failed fifth wave. A double-top is likely to develop around this level.
Support awaits at $1,665, a break below which may cause a fall to $1,631, which is the 23.6% Fibonacci retracement of the uptrend from $1,445.18 to $1,688.66.
