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 $1482/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 $1462/oz will denote that traders have more interest and profit booking from the current value.