Gold Price Analysis: XAU/USD easing from 2020 highs, trades near $1640.00/oz
Gold daily chart
XAU/USD is trading in a bull trend above its main daily simple moving averages (SMAs) as the market is pulling back down from 2020 highs established two days ago.
Gold: Investors buying the safe-haven asset amid coronavirus outbreak
The gold futures lost 1.59% on Tuesday, as it erased its Monday’s rally. The price of gold has also retraced most of Friday’s advance, before closing 23 dollars above the daily low. It clearly shows how high short-term volatility is. Investors were buying the safe-haven asset amid corona virus outbreak, economic slowdown fears recently. But gold is retracing a big chunk of that rally after bouncing off $1,700 mark.
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