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Gold Price Analysis: XAU/USD grinds up, trades in 9-day’s highs near $1630/oz

  • XAU/USD demand remains strong as the Fed announced no limit to its bond-buying program, this Monday.
  • The level to beat for buyers is the 1636 level. 
 

XAU/USD daily chart

 
After a sharp drop in early March, gold is reversing up sharply as this Monday the Fed announced its largest stimulus scheme ever to counter the coronavirus crisis. 
 

XAU/USD four-hour chart

 
The metal is challenging the 1636 resistance as XAU/USD trades above the main SMAs on the four-hour chart. As bulls are in control a break of the above-mentioned level can lead to further gains towards the 1660 and 1700 price levels while support can be expected near 1614, 1590 and 1560 levels on the way down.  
 
 
Resistance: 1636, 1660, 1700
Support: 1614, 1590, 1560
 

Additional key levels

 

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