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26 Mar 2020
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