Gold has had a strong bullish start in 2020 by breaking the 1600 high point in the past decade. As the macroeconomic situation worsens with the spread of the COVID-19 virus, the safe heaven asset’s price appreciation appears to be slowing down despite having a strong uptrend momentum. However, based on current technical indicators, the strong bullish momentum should continue, but not before short-term correction.
Simple Moving Average
Red dotted line = 200 SMA
Blue dotted line = 50 SMA
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