Spot gold bulls gather as the number of new coronavirus cases jumps

February 14, 2020 - 2 weeks ago
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The precious yellow metal got a boost from safe-haven demand and climbed to its highest level in 10 days on Thursday at $1,578, following the release of a jump to the Covid-19 coronavirus numbers.

In a Thursday press conference, China said it confirmed 15,152 new cases and 254 additional deaths.

Those figures include the ones reported earlier by Hubei province under its new diagnosis methodology.

That brings the country’s total death toll to 1370 deaths, including one each in Hong Kong, the Philippines and Japan.

Of the 15 cases in Australia, six have been cleared, and the remaining nine are all stable. Nearly 60,000 confirmed cases of the coronavirus, with 59,804 in China, most of them in the province of Hubei where it was first detected.

Chinese scientists are currently testing the effectiveness of two antiviral drugs, though chiefs from the World Health Organization have cautioned that a vaccine could take 18 months to procure.

On the technical front, due to the overnight’s breach of the $1,572-74 resistance now exposes the critical level at $1,585.

A clear surpass of this level should open space for the advance to take the contest to the seven-year highs of $1,600-15.

Although the support is somewhat (a distance), it is viewed from $1,558-62 support, with $1,550-54 seen beneath.

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