Is the corona virus the catalyst for gold prices before creating new highs?

Gold price Technical analysis

Gold surprised the markets last Friday as prices climbed above $1,570 an ounce level- is it because the corona virus - how much and how long the corona virus will weigh on global growth

Concerns over the economic impact of the virus has put pressure

The big news was the U.S. employment report, which surprised on the upside with 225,000 new jobs created in January. The unemployment rate ticked up to 3.6% on an increased participation rate.

The behavior of stock exchanges and markets is incomprehensible

On the one hand, oil is responding to concerns and falling demand, and on the other, the indices are rising as if it is the best news in the world

Who is right?

Gold price Technical analysis

As long as gold ( XAU/USD )stay and trade above 1519-1524 the trend is bullish
Short term remain in 1474/1467/1453 /1438
Next resistance levels stay in 1530 1560  if 1560 price will break up then next targets is in 1720+_
From closer look its look like we are face in same situation that appear in the past  - see same pattern in charts happened before 

A fall in the gold price to the 1530-1540  area is still possible under the existing move

After achieving higher price targets last year in august and this January I posted:

NOTED FOR THIS: Gold price pattern   if 1326 level will hold them we have a potential to see this happen - take a closer look 

Gold price pattern

Last thing is COT position, Gold position map:
 Cot position show same pattern as happen in 2010 Indicate that the market's tendency and gold prices are likely to continue to rise

Gold position map

This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice