Gold Price News and Forecast: XAU/USD has recaptured the $1,600 level
|Gold Price Analysis: Recaptures $1,600 amid Fed's coronavirus QE, levels to watch
Gold is bouncing back thanks to Fed money printing. The Federal Reserve announced a $500 billion (half a trillion dollars) of injections into bonds across a variety of maturities amid extraordinary conditions in markets following the coronavirus crisis.
Gold – which had been suffering amid a broad sell-off – has recaptured the $1,600 level. While the yellow metal tended to be a safe-haven that advanced in times of trouble, the generalized sell-off weighed also on XAU/USD.
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Global Pandemic Is On and Stock Bears Roar. Will Gold Make a Move?
On Wednesday, WHO declared the current outbreak of COVID-19 as a global pandemic, while the US stock market entered a bear market as it had fallen over 20% from its peak. What’s next in store for the yellow metal?
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