Spot gold shines bright as the bulls extend prices to a fresh 7-year high

February 21, 2020 - 2 months ago
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The precious yellow metal bullish express extends further into the overnight’s session and claims the next objective of $1,621-23 after the break of $1,615 triggered the rally to a fresh 7-year high of $1,623.

Renewed concerns regarding the coronavirus’ potential economic impact after a report from the Chinese state-run Global Times, which said there had been a sharp increase in coronavirus cases at a hospital in Beijing.

China’s National Health Commission on Wednesday reported 394 new confirmed cases, significantly lower than the 1,749 infections announced nationwide the previous day.

A total of 74,576 cases of the new coronavirus have now been confirmed; with 114 new deaths from the coronavirus, reported on Thursday, bringing the death toll to 2,118 in China.

Coronavirus cases are also spiking in South Korea. The country said confirmed cases have jumped to 82, more than double the previous number of cases.

On the technical front, further tests are likely on $1,621-23 resistance, which may even look to $1,630-33. Reassess from there.

Meanwhile, the support is somewhat (a distance), as it is now viewed from $1,611-12, then, $1,600-05, with $1,617-18 seen as a minor support level.

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