Mar 24, 2020
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