24th March, 2020 Everyone has wanted a shiny piece of Gold over the last 24 hours, after the Fed took unprecedented measures to defend the US economy from the coronavirus outbreak.

The precious metal has appreciated over 2.7% since the start of the week and has the potential to extend gains on Dollar weakness. A sense of unease over the coronavirus developments and fears around a global recession should support appetite for gold moving forward. Looking at the technical picture, the precious metal has extended gains this morning with prices trading around $1575 as of writing. An intraday breakout above $1580 could swing open the doors towards $1600.

Source : Lukman Otunuga, Senior Research Analyst at FXTM

Reporting for EasyKobo on Tuesday , 24 March 2020 in Lagos, Nigeria