Gold Deciding The Trend Soon

Mar 24, 2020

DXY
XAUUSD

Investors around the world are seeking for safe heaven asset investment to mitigate the risk of their financial portfolio amid the ongoing COVID-19 pandemic and global economies have begun executing their stimulus packages as a precaution against the market turmoil right now.

The precious yellow metal trading at $100 (approximately) on the intraday trading session has catapulted itself along the range of $300 over a span of a month, once again echoing many never before seen market fluctuations in this unprecedented climate. Currently, it is trading at the level of $1482 /oz. Globally, investors are watching the US economy like a hawk and the reactions of the market participants in both the short and long term.

Penetrating the range of 11482/OZ and closing above this level will give the fuel to the bulls to ride the uptrend and set the camp above the 1500/oz. but, on the other hand, if the situation finds itself easing and prices start to test the bottoms, the intraday close below 11462/OZ will denote that traders have more interest and profit booking from the current value.