Gold : 1785-1800 psychological resistance level test is likely

Spot gold is trading inside the hourly range 1765-1775 for the past two days indicating the investors are not yet ready to book the profit and also an upside break out to test the 1800 handle is highly likely . Investors will be looking for the FED Chair remarks later on today ,although there are fears in market regarding the virus threat escalation ,any hawkish comments from the FED chair will force the investors to book the profit hence force the yellow metal to test 1675 support medium term.

Medium Term Trend : Bullish
Resistance : 1725 & 1785
Support : 1675

Speculative Sentiment Index : 30/70 (Retail buyers/sellers ratio)