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Gold has decreased a little in the last two trading sessions, but the coronavirus fear won't let the price to register a significant decrease. The metal is trading at $1,664.20 level, above $1,641 yesterday's low and it seems determined to come back higher as the risk aversion grows. COVID-19 spreads aggressively in Europe (Italy, France, Spain, etc), South Korea, Iran, so more and more investors and traders want to buy gold to protect their money and investments. As you already know, gold is used as a safe haven in risk aversion situations, that's why the price could jump way higher in the upcoming period. New infection cases and more deaths could attract more buyers on Gold and on other safe-haven instruments.
Gold has found a strong support on the daily Pivot Point (1647.09) level and on the 38.2% retracement level and now is fighting hard to come back above the upper median line (UML) of the major orange descending pitchfork.
The outlook remains bullish as long as the price stays above the 1600 - 1555 support area, gold could approach the $1,700 psychological level again if it stabilizes above the upper median line (UML) and if it comes back above the 23.6% level. The price has registered only a false breakdown below the Pivot Point ($1,647.09) and below the 38.2%, the minor correction was expected after the price was rejected from the $1,703 level and after the price has closed the Monday's gap up.
Gold has failed to retest the inside sliding line (SL) signaling that bullish pressure is still high, it could increase aggressively anytime despite the bearish divergence shown by the RSI and MACD.
The minor correction was natural after the last bullish momentum, Gold could approach and reach at least the $1,700 - 1,703 area if it stays somewhere above the $1,663 level. The minor corrective phase could resume only if the price decreases and closes below the Pivot Point ($1,647) level and below the 38.2% retracement level. A valid breakout above the $1,700 will confirm a further climb.
We could search for long opportunities if the price consolidates above the UML (orange line, technically, gold is expected to increase further after the failure to approach the median line (ML) of the descending pitchfork and to stabilize below the inside sliding line (SL).
We have a bullish bias despite minor corrections, gold could drop in the short term only because the USD could gain momentum again versus other major currencies. Any bad news related to coronavirus could send the price higher immediately.
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