Gold’s price activity on Friday could have offered an important signal to markets. Investors once again confirmed that they are buying every single dip of bullion as the general uncertainty continues to offer a bullish scenario for gold price.
The support placed at $1,670 is now even stronger with the price continuing its slow dance just above the psychological threshold of $1,700. We would have another bullish signal if the price managed to clear the recent highs at $1,730-$1,735. Overall gold is clearly performing its safe haven asset role in a market where volatility remains high and the next bear movement for stocks could be just around the corner if the virus comes back with a second wave.
