Gold moved toward an occasional downward slop during the trading on Wednesday, as the pair was returned from the first resistance areas at 1630.00, down from which $ 36 an ounce fell. The problem of decline is that it lacks any type of strength, no selling momentum, and with the current conditions and what is happening in Europe and America due to a virus Corona it is expected a new rise of gold (respect for the supply areas for now), but if a breach occurs to the highest price achieved at 1636.00 I think that a flag and flag pattern will be activated and more going up, but if the low is broken down then we will witness a decline in gold prices, God willing
What we believe during today's trading, or what we should monitor, should the 1636 areas not be violated with an hourly candle hold above these levels, and then a continuation buying pattern of the previous movement will be activated.
| Resistors | 1628.00 | 1655.00 | 1677.50 |
| Supports | 1504.00 | 1467.00 | 1436.00 |
