Gold drops from a multi-month high. No positive change in the coronavirus headlines. Japan PM, US President expected to showcase, unveil measures. The collapse in oil prices exerts downside pressure on the global policymakers. Following its run-up to the highest since December 2012, Gold prices drop to $1,662.80, down 0.73%, ahead of the European open on Monday. The yellow metal’s early-day run-up could be attributed to the week-start risk-off whereas the latest declines might have taken clues from the global policymakers’ readiness to counter the coronavirus (COVID-19). A complete blockage in Lombardy and the rising death toll in Italy, coupled with the news from Saudi Arabia and Russia, triggered the early-Asian risk-off moves. The momentum propelled the yellow metal towards a multi-month top piercing $1,700, high of $1,703.40. Though, news of the policymakers’ efforts from Australia, the US, Japan and the New Zealand seems to have activated the recent pullback in the bullion. While portraying this, the US 10-year treasury yields recover from the record low of 0.47%, flashed during the early-day, to 0.528% by the press time. Additional recovery could also be witnessed in Asian stocks that are retracing from the initial loss of more than 4.0% to sub-3.0% in most cases. With the COVID-19 headlines in the stoplight, investors will hardly move anywhere else to search for near-term direction. Should global efforts manage to find a cure for the deadly disease, the latest pullback could result in full-fledged risk-recovery. Technical Analysis Friday’s Doji seems to drag the quote towards $1,625, ahead of highlighting $1,611 support. However, an upside break of a rising trend line from January 08, at $1,713 could challenge $1,720 during the further advances. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD recovers swiftly from 11-year lows, back around mid-0.6500s FX Street 3 years Gold drops from a multi-month high. No positive change in the coronavirus headlines. Japan PM, US President expected to showcase, unveil measures. The collapse in oil prices exerts downside pressure on the global policymakers. Following its run-up to the highest since December 2012, Gold prices drop to $1,662.80, down 0.73%, ahead of the European open on Monday. The yellow metal’s early-day run-up could be attributed to the week-start risk-off whereas the latest declines might have taken clues from the global policymakers’ readiness to counter the coronavirus (COVID-19). A complete blockage in Lombardy and the rising death toll in Italy, coupled… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.