Gold had an exceptional day, breaking the strong price declines gold had last week. Although it closed twenty dollars off of last night’s high of 1612.10, it still had managed to gain $23.50, with April gold closing at $1590.

Over this entire trading week analysts, traders and investors have remained bewildered not so much at the extent of the selloff, but analysts and investors were even more perplexed at the major selloff that occurred in gold in tandem with an asset class that traditionally carries a negative correlation.

The facts are clear. Even with one day still remaining in this trading week so far, the U.S. equities are on track for their worst week since the financial crisis of 2008. Today alone the Dow lost another 1,190 points, a drawdown of 4.42%. The total decline for the Dow is in excess of 3,200 points, resulting in a drop of just about 11% in this major U.S. equity index.

If the financial markets were composed of cream, today’s action would’ve provided enough churning to turn them into butter. The volatility index has ramped up yet another notch as information overload and changing headlines have caused U.S. equities as well as gold to oscillate from positive to negative a number of times in trading today.

Across a wide spectrum of the financial market’s traders experienced a true meltdown in pricing today. U.S. equities, gold and silver, as well as the U.S. dollar index all traded significantly lower today. Briefly breaking below 27,000 the Dow Jones industrial average traded to a low today of 26,997.62, before recovering slightly finishing at 27,082.18, an 879.30 (-3.15%) point decline.

On Friday gold futures closed up in double digits with a net gain of over $20 on the day. This led to the only time we see gold prices gap extremely higher, or lower; the weekend. As gold reopened Monday morning in Australia it did so with a powerful upside move.

This was truly an historical week for traders of the precious metals. Both gold and palladium made substantial and strong upside moves resulting in a all-time new record high for palladium, and gold reaching a seven-year high.

Now for the fifth consecutive day gold pricing has closed higher on the day. Since hitting the low of $1566 on February 12, gold has continued to have moderate to solid gains. Yesterday for the first time since January 8 gold prices challenged the former record yearly high at $1613. Futures opened two

Gold pricing close moderately higher closing above the highs achieved in January during the brief skirmish between the United States and Iran. In fact, the last time gold traded at this level on a closing basis was in February 2017. The precious yellow metal broke above $1600 per ounce yesterday, and today continued to move to higher ground.

Gold prices breached the elusive and psychological level of $1600 today, as genuine concerns continue to grow in regards to the coronavirus (COVID-19).