Gold Price Analysis: QE unlimited boosts XAU/USD, nearing $1630/oz

XAU/USD surges as the Fed announces unlimited bond-buying scheme.
The level to beat for bulls is the 1630 level.

Flavio Tosti Independent Analyst

XAU/USD daily chart

After suffering a sharp decline, gold is having a violent reaction up as this Monday the Fed announced that it would do whatever it takes to support the economy, aka Quantitative Easing unlimited or to infinity.

XAU/USD four-hour chart

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.

Resistance: 1630, 1660, 1700

Support: 1590, 1570, 1540

Additional key levels

XAU/USD

Overview
Today last price	1624.07
Today Daily Change	71.29
Today Daily Change %	4.59
Today daily open	1552.78

Trends
Daily SMA20	1590.68
Daily SMA50	1582.94
Daily SMA100	1535.74
Daily SMA200	1504.26

Levels
Previous Daily High	1561.22
Previous Daily Low	1482.74
Previous Weekly High	1561
Previous Weekly Low	1451.3
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1531.24
Daily Fibonacci 61.8%	1512.72
Daily Pivot Point S1	1503.27
Daily Pivot Point S2	1453.77
Daily Pivot Point S3	1424.79
Daily Pivot Point R1	1581.75
Daily Pivot Point R2	1610.73
Daily Pivot Point R3	1660.23

Author

Flavio Tosti

Independent Analyst

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