Gold runs higher. Up over 2% on the day

Technical Analysis

Author: Greg Michalowski | gold

Up $35 on the day

The price of gold has run higher with the price trading to the highest level since March 11. The high price reached $1657.16. The price is just off that level now.  The price has now extended above the corrective high from March 26 at $1645. 

The high price on March 9 reached $1703.39 before rotating all the way down to $1451 on March 16th.   

Up $35 on the day
Drilling to the hourly chart below, the contract on Friday and again early today based above the 200 hour MA (green line at $1612.40) before moving higher. The March 11 high price peeked at $1671.31.  That is the next upside target.  

Gold based against the 200 hour MA earlier today and has been running higher.
Safe haven flows?  Well when stocks moved lower it was because investors were selling gold to cover losses elsewhere (or so was the story).   Inflation? Not now but with ALL central banks going all in, if the virus blows over, what happens when things go back to normal?  
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