US President Donald Trump announced that the new type of coronavirus (Covid-19) test results were positive with his wife Melania Trump on Twitter, as we gave the morning news. After this, declines and increases began to occur in global markets.
While Bitcoin and US stocks declined, gold again emerged as a safe haven and experienced an increase.
Will There Be A Rally In Gold Prices?
Gold seems to be returning to the safe haven flow today as markets react to news of President Trump’s Covid-19 infection. According to technical data, it can be argued that gold is now seeking to trade above $ 1900 again and is starting to create a more sustainable positive bias, according to FX Street. The market is currently trading in the crucial band between $ 1902 / $ 1926. The former support of $ 1902 is the start of the August / September lows and should now become a resistance base.
So, if the market can close clearly above $ 1926, which has long been considered a key closing support, the outlook will indeed begin to show signs of sustainable recovery. The rally that took place this week is starting to look like a major rally.
An ounce of gold was being traded at $ 1907 at the time of writing.