Yes, gold has held up very well and held its ground whilst the markets have been hammered.
Even Bitcoin gapped heavily on Monday's open.
We are going to look back to this time in the future as a major financial/economic/social event. However, the cracks were appearing in the dam wall well before the virus and it was only a matter of time. The next issue is the amount of global debt at central bank and governmental levels.
When are the markets going to bottom out? Who knows, personally I do not think we have seen the worst of it yet.
How much higher will gold go? If the dollar crashes then it is going to go higher. Some gold bulls are talking $50,000 oz, others $100,000 oz. I think if it gets to that level then things will be pretty bad all around.
What has happened to those traders shorting gold at 1600 levels? Either they have reversed their positions at a loss or taken a big hit. This is one of the reasons why Gold Trader - https://www.myfxbook.com/members/camerongill/gold-trader/3398307
- is a buy only strategy, I have found that when gold takes off it does not adhere to standard technical overbought conditions for shorting opportunities. Gold is not forgiving for shorters at the moment. Saying that, the shorters had 6 years of fun playing gold down, now it is the time that the bulls have their turn!