February 26th 2020

Fears over how long the coronavirus will persist, and how big the global economic disruptions will be, keep Gold in high demand. This precious metal retreated from a fresh 2020 peak, but more upside is likely with traders eyeing the $1,700 mark next. Singapore industrial production surprised to the upside, but the rise in new coronavirus cases overshadowed the positive economic report. Where will Gold move to next? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

Hong Kong is in a recession, as confirmed by today’s fourth-quarter GDP data. The data came in marginally better than the economic contraction predicted by economists. Gold has established a new horizontal support area from where more upside is expected. Bullish momentum remains strong, how long will it take this precious metal to take out $1,700. or will bears prevent an extension of the rally? Today’s fundamental analysis will take a look at the upside potential as well as the downside risk in this currency pair.