The price of a troy ounce of gold has made up ground in just a few days since the last interim low. At this point, we recently referred to the continued high level of government purchases from Russia, Turkey and Venezuela when it came to gold. But you should also pay attention to physically covered ETFs or ETCs. One of the really big ones is the “SPDR Gold Shares”. As of April 6, 2020, only this fund alone had $ 51.86 billion in gold. The fund holds a total of 978.99 tons of gold. If one compares this with the gold positions of the countries, this one fund ends up between Japan (765.2 tons) and Switzerland (1,040.0 tons).
The demand for the rare precious metal remains high in the environment of gigantic reserve and state holdings in a number of companies across all sectors. About the chart technique: Starting from the last interim high of $ 1,645.05 on March 26, 2020 to the latest low of $ 1,5767.20 on April 1, 2020, the next targets on the top and bottom would have to be determined. Resistance could be seen in the $ 1,645.05 range and the $ 1,666 and $ 1,675 upside projections. Support would come in at $ 1,627 / 1,615 / 1,606 / 1,597 and $ 1,586.