In a consecutive down move for the whole last week after reached its high at $1,689.384 USD/ounce, Gold did make a lows on the last Friday trading session at $1,563.038 USD/ounce due to the outbreak of the Covid-19 recently; in a pandemic, Gold should be as a safe haven for investors in commonsense, anyway if the stocks markets have been hitting with losses overall in the world, then Gold will be sold to cover the losses of the suffering stock markets.
Today there was a sharp rebound for Gold and it has reached our H4 lower range of high level at $1.603.50 USD/ounce (higher range is at $1,617.25 USD/ounce). Currently the price is traded at around $1,595.50 USD/ounce and accumulating the corrective short-term values around these price levels. Any further up move and lead the price action to break out the lower range of the above-mentioned high level, then $1,617.25 USD/ounce is expected to hit today.
For a further upside, Gold is in forming its 2nd upswing to $1,623.30 USD/ounce ( 61.8 % fibs); from there, it is expected that Gold will meet its resistance.
For a downside, we have the lower range price levels from $1,576.50 USD/ounce-$1,562.81 USD/ounce, at these levels, if price would be broken down, then more downside for Gold is expected for.
Take your look at the depicted chart below for more info: