18.03.2020 XAUUSD Analysis

18.03.2020 XAUUSD Analysis On the first trading day of the week, the Fed went on a surprise 100 basis point rate cut, taking its funding interest to a range of 0 - 0.25 percent and pledging to increase its bond purchases by at least $ 700 billion. Gold has been under pressure with continued calls for collateral completion amid growing concerns that central banks ' emergency stimulus measures will not be enough to improve the rapidly deteriorating economic outlook. On the second trading day of the week, US retail sales and industrial production data were followed, while gold continued its upward movement at the end of the day despite a recovery in risk appetite and US ten-year bond yields. Technically speaking, the Ounce of gold remains decisive at $ 1527. 1538, 1546 and 1556 levels are important resistance levels to follow if the Ons Gold continues its upward movement with increasing demand. Support levels of 1520, 1511 and 1502 can be followed in the short term in case of a possible downward movement. [mstock id= " 1177"]