Gold price trades higher today as the coronavirus fears return after USA and U.K. reported a record number of deaths and Spain Italy reported an increase in new cases. Global reported deaths have reached 88,000, and the confirmed cases surpassed 1.5 million. The Fed minutes of the emergency meetings in March showed policymakers trying to stay ahead of the coronavirus outbreak with extreme monetary measures.
Investors today await the initial jobless claims, with expectations that another 5.5-6.5 million to have been filed in the previous week. The figures point to 12%-12% unemployment rate.
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Gold Price Technical Levels to Watch
Gold price is 0.77% higher at $1656 as the buyers return after two days of losses. The gold technical outlook is bullish, and the pullbacks should be considered as a buying opportunity.
On the upside, first resistance for gold price stands at $1,662 the daily high. More selling pressure might emerge at $1,678 the high from yesterday’s trading session. A break above would test 1,702 the high from March 9.
On the flip side, initial support stands at $1,643 the daily low. If the gold price breaks below, the next support area will be met at 1608 the low from April 6. Next support will be reached at 1,598 the 50-day moving average.
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