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31 Mar 2020
Gold New York Price Forecast: XAU/USD sidelined near $1600/oz
- XAU/USD spiked up last week as the Fed announced no limit to its bond-buying program.
- XAU/USD is consolidating above the 1600 mark.
XAU/USD daily chart
XAU/USD is consolidating the bullish spike from 2020 lows while remaining trapped in the 1600/1640 price range as investors are searching for a direction.
XAU/USD four-hour chart
XAU/USD is trading in a tight range in the 1600/1614 support zone above the 200 SMA on the four-hour chart suggesting an upward bias in the medium term. Buyers stay in control as a break of 1636 resistance can lead to 1660 level and 1700 figure if gold gathers enough momentum. Support can be expected near 1600 and 1560 levels.
Additional key levels