China stops manipulating numbers, risk appetite leaves the market, so what awaits gold today?

–

Investing.com – Prices rose on Thursday during the Asian session after the sharp jump in confirmed deaths from the spread of the Coruna virus.

Futures managed to gain 0.4% to $ 1,577.05 an ounce, at 8:15 KSA.

According to the new method for counting the number of victims, the Huiubei District, the epidemic spread center, said the number had increased to 242, and new infections had increased to 14,840 people from the Coruna virus, an increase of 45% from the previous day.

The governorate said that it began to count incubators of the disease, without showing some symptoms, and 13,332 cases fall under this classification.

“When you see numbers like this, you can only move away from risk, which means buying a yen and selling stocks,” Ayako Serra said.

“If the authorities can explain what is happening, then things will calm down, but I think the risk continues to be hedged.

Global stocks continued to decline, with shares in China and Hong Kong trading lower. The yellow metal has regained its position as a safe haven.

Technically, we are awaiting the breach of the $ 1,575.90 troy ounce, to extend its rise.

The price is still receiving support from the 50-day moving average, and to continue the bullish trend, the level of 1,554.10 should be monitored.

And find resistance at the level of 1,595.00 dollars.

As for the spot transactions, they increased to $ 1,575 an ounce at 10:05 KSA.

As we mentioned in our technical analysis of gold, this is a goal for the metal, see the article:

Today, it is the highest recorded increase in disease incidence.

However, with the dollar also enjoying a safe haven position, the upside was limited. Because the dollar is close to four-month highs. As the dollar strengthens, it becomes difficult for other currency holders to buy gold.

Federal Reserve Chairman Jerome confirmed his confidence in the future of the US economy and expected the spread of the virus to decrease soon.

The central bank kept key interest rates steady at its January meeting, due to moderate economic growth and a strong labor market, but it remains cautious about the spread of the disease.

Read on Investing.com:

–