13 March 2020 : Not even safe-haven Gold has escaped the brutal market sell-off, as the pandemic panic sweeping global equities forced investors to cover margin calls.

The precious metal has depreciated over 5% this week despite the market chaos, which puts it on track for its biggest weekly loss since 2011. An appreciating Dollar also added to the pain with prices trading around $1591, as of writing.

Focusing on the technical picture, prices are bearish with sustained weakness below $1600 opening the doors towards $1555. If bulls are able to secure a weekly close above $1600, the next key level of interest will be found at $1620.

Reporting for EasyKobo on Friday , 13 March 2020 in Lagos, Nigeria

Source : Lukman Otunuga, Senior Research Analyst at FXTM