Analysis of Gold for July 02,.2020 – Rejection of the support and rising trend-channel in the background. New upside swing

0
27

Corona virus summary:

Russian prime minister Mikhail Mishustin said on Thursday the government would consider increasing budget spending by 1.8 trillion roubles ($25.6bn) to fight the coronavirus and support the economy, Reuters reports.

Some economists have said Russia’s regulations surrounding budget spending have hindered its ability to adequately fund anti-crisis measures.

Technical analysis:

Trading recommendation:

Watch for potential buying opportunities on the dips due to rejection of the support in the background.

Stochastic oscillator is showing fresh new bull cross, which is another indication of the buying continuation.

The upward targets are set at the price of $1,790 and $1,820.

The material has been provided by InstaForex Company – www.instaforex.com