FX.co ★ Analysis of Gold for May 29,.2020 - Strong momentum to the upside and potential for further upside continuation. Upward targets set at $1.735 ad $1.753

Corona virus summary:

The number of Americans who have lost their jobs in the past 10 weeks soared to more than 40 million as the number of unemployment claims continued to rise with 2.1 million people filing for unemployment last week.

The staggering job losses mark a grim milestone in theeconomic crisis that has gripped the US since the coronavirus triggered widespread shutdowns and stay-at-home orders in an effort to halt the spread of the deadly pandemic.

The latest figures from the Department of Labor show that the rate of new unemployment claims has continued to fall over the last few weeks, down from its peak in early April, when 6.6 million Americans filed for unemployment in a single week.

Technical analysis:

Trading recommendation:

Watch for buying opportunities on the dips and upward targets at $1,735 and $1,753.