Gold's going back up according to the price action. Firstly it closed much stronger than a lot of equity indices on Friday. Secondly the price action today; especially if we bust 1795. Thirdly a new covid variant of any significance should just be a repeat of the last year - mass QE and the rate capping that comes with that, helicopter money - relief packages etc.
The only scenario where gold will tank from here is 1. raising rates (this will be a short-medium term dip and a buying op despite much commentary about the opposite). 2. If everything goes down due deflation (which could easily happen due to a bunch of stuff despite the popular inflation narrative).
