Gold- Will it recover?

Gold has been performing very well due to recent economical and other major political factors, it still suffered a huge drop on friday, most likely caused by investors taking profits to cover losses from the stock market. On this pandemic period it should be gold that rallies as it is considered to be the safe heaven for investors. The drop on friday may be short lived and was indeed an overdue correction as gold was considered to be overbought.

Looking at the chart, the price fell 5% from 1645 to almost 1560. This 850 pip correction quickly rejected from previous consolidation area, giving a hint of buyers entering from these regions.
We also have a trendline in play, which may not play a huge role in this, but I wanted to point out we have a clear breakout and retest of that trendline, which may help to understand the potential for a long position to be taken.
Daily also found support on the 50 period EMA, giving us 3 confluences in total to consider going long from here. Not much news have been circulating over the weekend, but the bears taking over the stock market and global virus spreading may help Gold recover from the fridays drop and continue to make new highs in 2020.

Already long on gold from friday, looking to hold this position longer should all support levels hold and price recover.