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30 Mar 2020
Gold New York Price Forecast: XAU/USD starts the week sidelined above $1600/oz
- XAU/USD rose sharply last week as the Fed announced no limit to its bond-buying scheme.
- The level to beat for buyers is the 1636 level.
XAU/USD daily chart
XAU/USD is in consolidation mode after the recent bullish break. Gold remains confined in the 1600/1640 price range as investors are looking for directions.
XAU/USD four-hour chart
The bullion is trading above the 1614 support level and the main SMAs on the four-hour. Buyers stay in control as they are eying a break of the 1636 resistance en route to the 1660 level and 1700 figure if gold gathers enough momentum. Support can be expected near 1614, 1600 and 1560 levels.
Resistance: 1636, 1660, 1700
Support: 1614, 1600, 1560
Additional key levels