Currently there is a strong tug of war for GOLD. On one side there are scared people of coronavirus, on the other are investors who keep selling their gold assets to pay off margin calls. Either way the trend is clear, gold goes up, if China doesn't end the quarantine this week, or any other significant news from Trump, I believe we will see 1700 this week. Take note that Oil and Gold are strongly connected, people seem to be selling GOLD in order to keep USOIL from falling below 33.
Coronavirus is starting to affect all of Europe in a strong way. For the US it is just a matter of time.
Alternative scenario: Trump offers another rate cut, similar to what UK did this morning. And GOLD will stabilize at around 1600.
Coronavirus is starting to affect all of Europe in a strong way. For the US it is just a matter of time.
Alternative scenario: Trump offers another rate cut, similar to what UK did this morning. And GOLD will stabilize at around 1600.