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25 Mar 2020
Gold New York Price Forecast: XAU/USD consolidates gains, trades above $1600/oz
- XAU/USD surged as the Fed announced no limit to its bond-buying program.
- The level to beat for buyers is the 1630 level.
XAU/USD daily chart
After a sharp drop at the start of the month, gold is rebounding up violently as this Monday the Fed announced its largest stimulus scheme.
XAU/USD four-hour chart
The metal is consolidating the strong advanced made in the last three days as the market holds above the main SMAs on the four-hour chart. As bulls regained control of the market XAU/USD is likely looking to extend gains on a break above the 1628 level en route towards the 1660 resistance and 1700 figure while support is expected to hold near 1605, 1590 and 1560 levels.
Resistance: 1628, 1660, 1700
Support: 1605, 1590, 1560
Additional key levels