marsyceo

March 2020 Gold price correction analog

TVC:GOLD   골드 (US$ / OZ) CFDs
So the price of gold is back down to pretty much exactly the level it was at in March prior to the Covid selloff, which took it down ~15% from ~1700 to ~1450. I think most of us are hoping that gold is grinding out a bottom now and getting reading for the next leg higher but also somewhat concerned about further downside in the case of a general market selloff. Any thoughts on whether it would be reasonable to expect we could revisit 1450 or thereabouts if we have a general market selloff or is it likely to be more constrained? I'm thinking it could be more constrained given that the gold selloff in March 2020 followed a strong rally from 1450 to 1700 from Nov 2019, whereas we're currently in a situation where a lot of the heat has already been taken out of the metals over the last 7-8 months.
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