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27 Mar 2020
Gold New York Price Forecast: XAU/USD confined in small ranges near weekly highs
- XAU/USD rose this week as the Fed announced no limit to its bond-buying program on Monday.
- The level to beat for bulls is the 1636 level.
XAU/USD daily chart
XAU/USD is consolidating the recent surge to the upside as the price of the bullion is confined in the 1600/1640 price range for the time being.
XAU/USD four-hour chart
The metal is retreating from the weekly highs still trading above the main SMAs on the four-hour chart and the 1614 support level. Bulls remain in control as they are looking for a break of the 1636 resistance en route to the 1660 level and 1700 figure if XAU/USD gathers enough steam. Support is seen near 1614, 1600 and 1560 levels.
Resistance: 1636, 1660, 1700
Support: 1614, 1600, 1560
Additional key levels