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  • Gold is nearly 2% higher on the session as stocks sell-off and the USD weakens.
  • There is a key resistance nearby if the bulls can manage to keep up this momentum.

XAU/USD 4-Hour Chart

On the chart below you can see a big broadening pattern.

Gold is heading to the top of the pattern but there are some levels in the way.

$1,689.40 per ounce is one of those big levels that would need to be broken.

USD/JPY has fallen along with stocks to confirm this is a decent risk-off move.

If the level mentioned above does break then that would take gold to a price not seen since January 2013.

Traders are keeping a close eye on coronavirus headline to keep the bull run going.

Gold bull run

Additonal levels