Gold Price News and Forecast: XAU/USD surges as the Fed announces unlimited bond-buying scheme
|Gold Price Analysis: QE unlimited boosts XAU/USD, nearing $1630/oz
The metal is surging from the 2020 lows as the bulls are challenging the 1630 resistance level while above the main SMAs on the four-hour chart. A break above the above-mentioned level can lead to further gains toward the 1660 and 1700 levels. Support can be expected near the 1590 and 1470 price levels.
Commodity Report: Gold Price Forecast: 24 March 2020 [Video]
Gold extended a surge above $1,600 an ounce on Tuesday after the Federal Reserve took unprecedented measures to protect the U.S. economy from the coronavirus shock, with Goldman Sachs Group Inc. saying bullion’s probably at an inflection point and it is time to buy.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.