Gold Intraday: Bullish Channel Intact

Gold nuggets

The three major U.S. stock indices plunged over 2.0% last Friday, while spot gold ended up 0.4%. U.S. Johns Hopkins University data showed that global coronavirus cases surpassed 10 million. 

The infection number in the U.S. has passed 2.5 million, where Florida and Texas re-imposed coronavirus related restrictions. Gold is continued to be supported by renewed concerns over the coronavirus pandemic.

From a technical point of view, spot gold is trading within a bullish channel as shown on the 1-hour chart. Previously, it has rebounded sharply after reaching the lower boundary of the channel. Bullish investors might consider $1,761 as the nearest intraday support, while a break above the nearest resistance at $1,780 would open a path to the next resistance at $1,788. Alternatively, a break below $1,761 would suggest that the next support at $1,752 is exposed.

Source: TradingView, Gain Capital

Related tags: Gold Commodities

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