17.03.2020 XAUUSD Analysis

17.03.2020 XAUUSD Analysis Following the fall in global markets on the last trading day of last week, it was followed that gold continued to decrease as gold sales continued to meet cash needs. On the first trading day of the week, the Fed surprisedly dropped the interest rate by 100 basis points and dropped the funding rate to the range of 0 - 0.25 percent. It was observed that central banks' deep incentives in Ounce Gold deepened with concerns that the urgent incentive measures would not be able to improve the rapidly deteriorating economic outlook. Technically, it was observed that Ounce Gold continued to be decisive at the level of $ 1502. In the event that Ounce Gold continues its downward movement with decreasing demand, 1494, 1486 and 1474 levels are the important support levels to follow. In case of a possible upward movement, resistance levels of 1510, 1518 and 1524 can be followed in the short term. [mstock id = "1177"]