03.04.202013:34 Forex Analysis & Reviews: Analysis for Gold 04.03.2020 - Watch for the potential breakout of the channel to confirm downside. Gold is at the major pivot at the price of $1.619

Corona virus news:

China seeks to lead amid talk of 10m potential global cases

Residents of Wuhan, the Chinese city where the Covid-19 pandemic began, have been told to stay indoors and remain vigilant ahead of an easing of travel restrictions. Meanwhile, Beijing is stepping up a media campaign in the west to frame its handling of the disease as an example of global leadership.

The country's Covid-19 statistics have been called into question, but on Thursday China recorded just 31 new cases, 29 of them in people arriving from other countries.

Technical analysis:

Gold has been trading upwards.The price tested and rejected of the very important pivot level at $1.619, which is sign that there is potential for downside rotation.

I found the upward channel that is active and the eventual breakout to the downside may confirm further drop towards the levels at $1.566 and $1.515. Selling opportunities will be preferable in case of the downside break.

If you see the breakout of $1.620 level, watch for buying opportunities on the dips with the target at $1.643.

Stochastic oscillator is showing overbought condition and potential for the downside movement.

Intraday resistance level is set at the price of $1.619

Support levels and downward targets are set at the price of $1.566 and $1.515.