Gold surges to as high as 1680.74 today on concerns of global coronavirus outbreak. 61.8% projection of 1445.59 to 1611.37 at 1547.49 at 1649.94 was taken out with ease. There is no sign of topping yet and near term outlook will remain bullish as long as 1611.37 resistance turned support holds. Next near term target is 100% projection at 1713.27.
In the bigger picture, the current upside acceleration suggests that up trend from 1046.37 (2015 low) might be heading to retest 1920.70 (2011 high). This will be the favored case as long as 1445.39 medium term support holds.
