M20 pilot reported runaway trim during go around procedure. Pilot regained control and landed uneventfully.

Narrative

I was landing at ZZZ on Runway XX. I decided to execute a Go Around when over the runway numbers. I applied full power; began moving the electric trim down; gear up and then flaps up. At full power the nose went up above 10 degrees. I had my hand on the electric trim in the down position to compensate; as I turned left cross wind; I realized the trim was not going down. The Mooney requires full-up trim on landing. So I had to use considerable force to try to keep the plane's nose down. I didn't initially know exactly what was happening but I then realized the trim was not responding. As I turned left cross wind; I notified Tower that I had a problem. I was only about 400 feet AGL as I was making the turn to downwind.They gave me priority landing. I did not think I could land in the nose up situation. I then decided to reduce the power which began to reduce the upward attitude of the plane. I told the tower that I had a runaway trim and requested to fly north of the airport until I could get the situation sorted out. They approved.In the meantime; I started to attempt to lower the trim with the manual trim wheel. The first two turns did not do anything but beginning with the third turn of the trim wheel; the plane and trip tab started to respond. I got the plane trimmed out properly for a landing and landed. I am not sure what exactly happened. I believe that the trip got stuck in the full up position; before the landing and when I executed a go-around; the trim was still stuck in the full up position.I contacted the Mooney Factory and they believe the trim tab indicator may have been misaligned; which forced the trim in the extreme up position.In the future; I will be conscience of the fact there are 3 ways to stop a runaway trim - disengage the Autopilot; split the electric trim tab and/or pull the Trim circuit breaker.I have put a 'red Collar' on the Trim circuit breaker for easy identification.