Gold has maintained its bullish bias as the deadly coronavirus dominates the headlines. Forex traders are looking forward to January's economic reports to get a clearer picture of disruptions caused to the supply chain. Gold is now trading just above its horizontal support area, will bulls get enough data to push this precious metals to a fresh 2020 high, or are bears ready to force a sell-off? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

The RBNZ left interest rates unchanged, noting that the economy can deal with the virus. Japanese machine tool orders plunged yet again, and Eurozone industrial production posted a bigger-than-expected contraction. The global economy was slowing down before the outbreak of the virus and is now faced with additional stress. Will Gold bulls take advantage of the conditions? Where will bears attempt to reverse gains? Today’s fundamental analysis will take a look at the upside potential as well as the downside risk in this currency pair.