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

 

 

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.

 

 

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.