August 18, 2020
Effect of Covid-19 pushing spot gold towards $2200 per ounce. Vaccine of Covid-19 is still in pipeline. World economy yet to perform normally, it may take another 4 to 5 months. Geo-political situations all over the world is not too much favourable for good economy. All these factors taking gold towards $2200 mark.
Immediate resistance for spot gold is $2023 and $2045 as gold already cleared resistance at $1993, which is identified as 61.8% retracement on the steep fall from $2072 to $1863.
$1993 is now act as support, further drop may lead to $1979 or $1968. It seems uptrend from $1159.96 still not over. Spot gold likely to cross $2200 mark in coming months.
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