01.04.202013:22 Forex-elemzések és áttekintések: Analysis for Gold 04.01.2020 - Bearish flag pattern on the 4h time-frame, potental for the drop towards the level at $1.548

Corona virus summary:

Global deaths pass 40,000

Data collected by Johns Hopkins University researchers show at least 42,332 people have died across the world. At least 860,000 people have been infected.White House warns US deaths could reach 240,000

Donald Trump said the country should expect a "very, very painful two weeks" as officials predicted 240,000 deaths in the US. The death toll from the virus in the country passed 4,000 and is greater than that reported by China (3,309). California governor Gavin Newsom said on Monday that the number of Covid-19 hospitalisations in the state had nearly doubled over the past four days and the number of ICU patients tripled during that time.

Technical analysis:

Gold has been trading downwards. The price tested the level of $1.567 but then it rejected towards the resistance at $1.595.

Anyway, I still expect further downside and potential testing of $1.565, $1.548 and $1.492. Bear flag pattern is in creation, which is another sign of the further downside.

Watch for selling opportunities with the downward targets at $1.565, $1.548 and $1.492.

Major resistance level is set at the price of $1.595.

Support levels and downward targets are set at the price of 1$1.565, $1.548 and $1.492.