Gold Price News and Forecast: XAU/USD surges as the Fed announces unlimited bond-buying scheme

FXStreet Team FXStreet

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.

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