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Gold Price Analysis: QE unlimited boosts XAU/USD, nearing $1630/oz

  • XAU/USD surges as the Fed announces unlimited bond-buying scheme.
  • The level to beat for bulls is the 1630 level. 
 

XAU/USD daily chart

 
After suffering a sharp decline, gold is having a violent reaction up as this Monday the Fed announced that it would do whatever it takes to support the economy, aka Quantitative Easing unlimited or to infinity.
 

XAU/USD four-hour chart

 
The metal is surging from the 2020 lows as the bulls are challenging the 1630 resistance level while above the main SMAs on the four-hour chart. A break above the above-mentioned level can lead to further gains toward the 1660 and 1700 levels. Support can be expected near the 1590 and 1470 price levels.  
 
 
Resistance: 1630, 1660, 1700
Support: 1590, 1570, 1540
 

Additional key levels

 

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