Gold: The $1640.00 level is a decent support

The gold chart is still a bullish one and the bias will not change until a lower high is created and $1640 is broken to the downside, according to Rajan Dhall from FXStreet.

Key quotes

“Looking at the 4-hour chart, the price has consolidated at a pretty high level. If the bullishness in equities continues then the price might fall. Interestingly, the USD will also fall as the coronavirus trade inspired USD strength.”

“The $1640.00 level is a decent support level to watch as it has been used on six occasions and seems reliable. Even if it does break it will tell you a lot about the state of the market and the perception of the safe-haven asset.” 

“Longer-term the resistance level to watch remains to be $1700. If investors feel the worst is still yet to come a break could happen and even an eventual test of $2000.”