Gold; where is the top for 2020?
Yesterday the gold price reached the highest levels since beginning of December 2012. with high at 1747.45. The current crisis with COVID 19 boosted the precious metal more and more week by week, but with huge declines in March. That’s how the precious metal fell in the middle of the March from 1703 to 1450 in hard selloff. The reason was obviously a margin calls caused by panic stocks selling on Wall Street. But, when the price reached a strong technical support from November 2019 the price recovered upward again and in the last 4 weeks it shines all the way to the new hights.
Based on this huge technical difference between support and resistance 1450 > 1750 it’s hard to say how low the price could return back in the case of selling, but on the way up, we could see a huge technical resistance from 2011/2012 at 1795. Could it be reached in this recent run, it’s worth to be seen.
What’s your view traders? How high the price could go in 2020?