Hello
My humble view is that gold is near the upper edge of a ten year range price has fluctuated in.
Any trader (short term) will therefore say that the odds are in favour of a decline back to the lower edge of that ten year price range. You can see it easily on eg a chart.
However:
There is currently a massive stress within the world's financial pricing and crowd control systems. Corruption is being revealed. Something may give.
A move to a fresh paradigm would involve changes of leaderships of large countries, new centrist parties (called populist by the current leftist parties of right and left). This would weaken forces constraining prices of commodities.
Food prices would rise for example. Gold might also. As would wages. (You see, if the currencies fall the banks lose out when people repay their loans with lower value money in the future) So a battle between inflationists (popular politics) and deflationists (the established financial industry dominated politics) is under way.
So if this all begins to happen, gold may still have a long way to go upwards.
Summary: in my view, not investment advice, a small rise in the price of gold, and refusal of gold to relinquish that small rise, will demonstrate that a new situation has come into existence wherein gold has a floor under it supporting its price.
This is called by some people, an inflection point, where the coin of randomness is temporarily on its edge, and we await it beginning to move to either side to make our longer plans.
This post I made earlier discussed the same issue, but in terms of management changes in large corporations and social mood swings which cause prices to change.
Save gold...
For several years many countries/governments have been purchasing physical gold.
The pricing we see today is not the result of physical gold sales, but futures contracts and other paper derivatives, which all told are many multiples of available, physical gold.
Why did those entities buy physical? To prepare for the end of the current financial system, which may well be right now. The COVID-19 virus is the straw breaking the camel's back.
