Gold Price News and Forecast: XAU/USD extends its corrective slide into the third day
|Gold Price Analysis: Bears take a breather after the $30 drop
Despite the recovery attempts, gold (futures on Comex) remains heavy below $1650, having tested the key support around $1640 region in the last hour.
The prices consolidate the steep declines, as the bulls seem to have found some support from the World Health Organization (WHO) Chief Tedros’s comments. Tedros finally declared the fatal respiratory illness as a pandemic, as the outbreak tightens its grip across the US and Europe. Over 117k people have been infected globally by the virus.
Gold: The yellow metal warms investors – TDS
The BOE was the latest central bank to provide an emergency 50bp interest rate cut, while Italy will spend some 25bn euros to combat the virus. As analysts at TD Securities note, investors are comfortable with gold positions.
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