The gold price climbed 7-year high on Tuesday as worries about the global economic impact of the Coronavirus outbreak and weakness in global equities support precious metals. Overnight, Apple warned that earnings won’t meet guidance for the first quarter. The tech company said that production and sales have dropped because of the coronavirus. As we know Apple is the world’s most valuable technology company. So this surprise warning also boosted the gold price to surge over 1% on Tuesday.
The next Immediate resistance around $1,608/1610 needs to be cleared for the continuation of further rallies. On the other side, the break of $1600 will open $1594 and $1588.