Gold prices remain mildly positive near the four-day high. After RBA and the Fed, HKMA joined the league to cut the benchmark rates, World Bank announces immediate support. Fed’s Evans tries to placate traders, expectations of PBOC’s OMO weigh on trade sentiment. Gold prices remain 0.52% up to $1,644.30 during the Asian session on Wednesday. The yellow metal surged the previous day as the US Federal Reserve followed the RBA in announcing rate cuts. The bullion’s current moves could be attributed to the latest catalysts showing a sustained drive to tame the economic implications of coronavirus (COVID-19). Following the RBA’s 0.25% rate cut, the Fed surprised global markets with a 0.50% rate reduction, the first unscheduled move since 2008. The move propelled the rush to risk-safety as investors fear that the economic impacts of the COVID-19 are larger than initially feared. Recently joining the league was the Hong Kong Monetary Authority (HKMA) that announced a 0.50% cut to its base rate. Also marking the global drive to safeguard against the deadly virus was the World Bank Group that announced a $12 billion immediate support package. It should also be noted that China’s Securities Journal signaled that the People’s Bank of China (PBOC) will undertake additional open market operations (OMO) during the month. Given the increasing efforts by global central banks, institutions, the market’s risk-off gained additional downside. While portraying the same, the US 10-year treasury yields drop to the fresh record low of 0.978% whereas S&P 500 Futures declines 0.41% to 3,009. With that markets seem to have given a little importance to the US Fed policymaker Charles Evans who tried to placate traders after the Fed’s shock rate cut. Technical Analysis Unless closing below 50-day SMA level of $1,575, the bullion is likely to keep running upwards to $1,666 and $1,690. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Breaking: Australia Q4 GDP beats estimates and supports AUD higher FX Street 3 years Gold prices remain mildly positive near the four-day high. After RBA and the Fed, HKMA joined the league to cut the benchmark rates, World Bank announces immediate support. Fed’s Evans tries to placate traders, expectations of PBOC’s OMO weigh on trade sentiment. Gold prices remain 0.52% up to $1,644.30 during the Asian session on Wednesday. The yellow metal surged the previous day as the US Federal Reserve followed the RBA in announcing rate cuts. The bullion’s current moves could be attributed to the latest catalysts showing a sustained drive to tame the economic implications of coronavirus (COVID-19). Following the RBA’s… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.