Gold has pushed higher once again as Fed’s Powell sounds coronavirus alarm. The price is now 3.29% higher on the session after the Fed’s emergency rate cut. Gold 1-Hour Chart Gold has pushed higher today after the Fed cut rates by 0.50bps due to the coronavirus. Powell did sound the alarm on the impact of the virus on the economy. The price has now broken some key levels including the 61.8% Fibonacci level. On the upside, the next resistance is closer to the 76.4% at $1,660.00. Lower down, the 50% Fibonacci level was used as a good support/resistance level and could be one to keep an eye on if the price moves lower. Below that, the $1,610.00 previous wave high is also a decent support zone. For now, it seems the gold market is looking higher up. Earlier on in the coronavirus trade, the high was $1,689.40 and this is the key level now for the bulls. Additional Levels 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 Wall Street plummets, 10-year T-bond yield erases more than 12% to fresh record lows FX Street 3 years Gold has pushed higher once again as Fed's Powell sounds coronavirus alarm. The price is now 3.29% higher on the session after the Fed's emergency rate cut. Gold 1-Hour Chart Gold has pushed higher today after the Fed cut rates by 0.50bps due to the coronavirus. Powell did sound the alarm on the impact of the virus on the economy. The price has now broken some key levels including the 61.8% Fibonacci level. On the upside, the next resistance is closer to the 76.4% at $1,660.00. Lower down, the 50% Fibonacci level was used as a good support/resistance level and… 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.
