Its been a very long time that we looking into the short term view of gold. In the last couple of months(Feb & Mar 2020), Gold is showing elevated volatility compared to the last 6 years of dull & boring price action.
Short Term trend is holding up positive for the last 3-4 trading sessions. And the most surprising factor is, during the times of fearful environment we are told that Gold is one of the safest asset class to invest but rather that context seems to be partially true.
When the real panic is hitting the floors even gold declines in value. Probably not a good idea to buy the gold exactly when you are realizing that we are in a fearful environment. Significant correction in Gold happened during the month of Mar 2020 (Corona Virus Covid-19 Fears), where the price moved from 1700 levels to 1451 levels per ounce.
Monthly, Weekly and Daily trends holds to be on the positive side and at present the fearful environment is bit reduced despite the day to day rise in exponential covid-19 world wide infection rate.
In a short term supports are upgraded towards the psychological levels 1600 and possibly an upmove is brewing towards 1680 and 1700 levels.