XAUUSD(Gold) Bearish Momentum: Double Top and Fundamental Analysis

4/17/2020 03:57:00 PM
From yesterday high(1737), Gold going down as hoping of Corona Virus drugs treatment and also US President trump told that will reopen US Economy soon.

Fundamental:

Most Important news come from researchers at University of Chicago Medicine cited “rapid recoveries” in 125 COVID-19 patients taking Gilead’s experimental drug remdesivir as part of a clinical trial.

By Gilead News all stock market starting to recover. At our write times, Wall Street indicated a higher start for trading later. Futures on the Dow Jones Industrial Average YM00+2.85% shot up over 600 points, or 2.8%, while S&P 500 futures ES00+2.59%  and Nasdaq-100 futures NQ00+1.87%  advanced 2.7% and 1.8%, respectively.

Technical:


In Gold 1h chart we seen that After spike of huge movement Double Top appearing at the top of chart and it's also broken Market Structure 1708 and 1700 physiological level. There are small support at 1690, If bearish momentum stay, we hope that it will broke soon 1690 and can touch 1662 or 1650. 
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