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07.04.202013:10 Forex Analysis & Reviews: Analysis for Gold 04.07.2020 - Strong sign fo the strength and potential for test of $1.700, buying opportuntiies preferable

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Corona virus news:

Japan prepares for state of emergency

Prime minister Shinzo Abe is expected to declare a state of emergency in Japan in the coming hours. The move comes after several major regions saw a sharp rise in coronavirus cases, especially in the capital Tokyo.

Hopeful signs from New York

The governors of New York and New Jersey pointed to tentative signs on Monday that the corona virus outbreak was starting to plateau but warned against complacency as the nationwide death toll approached 11,000 in the US, with more than 366,000 confirmed cases.Technical analysis:

Gold has been trading upwards. The price tested the level of$1.673. Anyway, I found that Gold rejected of the strong support at the price of $1.645 and there is still strong signs for the continuation. Potential test of $1.700 is very likely to happen.

Watch for buying opportunities on the dips. The upward target is set at the price of $1.700.

MACD oscillator is showing strong upside pressure and the slow line is turned to the upside, which is great addition to our long bias.

Resistance levels are set at the price of $1.673 and $1.700.

Support level is set at the price of $1.645.

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