Gold prices in Asia took out resistance above $1630 this morning as the market continues to soar.

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Coronavirus is giving a fear - premium to prices, but the real impetus behind the move is the collapse in both the Euro and British Pound against the US Dollar. No one can claim that the Dollar and Gold are moving in inverse any longer. Their simultaneous rise has all the hallmarks of a true currency crisis unfolding - with Europe as its epicentre.

It would be health if the gold price would settle down, back and fill and gain some momentum for a new climb higher. It would be a more sustainable move... but such are not the price movements born from crisis. In a crisis, prices gyrate, take-off and fall back violently. That said, after some 7-years of sideways action, gold has ground to make up, and it is making it up in the Asian market today. That tells us that fears over Coronavirus in Asia are still strong.