Gold futures are screaming higher this morning as demand is surg

2020年3月24日This was the initial reason for gold to move back to its flight to safety status.

Over the last 3 days, spot market gold is from a low of 1455.4 to a high of 1627.7, an increase of 11.8% from low to high. Yesterday, we posted this chart and noted resistance at 1547.75, 1632 and the year highs near 1702 as resistance. Price has held 1632, for now. Support is at the psychological area near 1600, then yesterday’s nights near 1561.
The front month gold futures contract has been even more volatile than in the sport market over the last 3 days, trading from a low of 1484.6 to a high of 1698, or 14.4%. The futures markets have to take time and interest rates into account when trying to determine a fair value for the contract, therefore futures markets usually trade at a higher price than spot. Notice how price took out the resistance at 1632.4 and is trading need the years highs of 1704. We can look at the previous horizontal resistance at 1632.4 as the first support level.