Gold price is rebounding and reaffirming the positive mood that followed yesterday’s Fed meeting. Investors remain confident about a relatively quick solution to coronavirus, although it is now abundantly clear that central banks will be forced to print a large amount of money.
From a technical point of view, in the middle of April the spot price of gold found a first important support base at $1,675, while the small decline of the last few days generated another support zone a bit higher, just below $1,700. A clear climb above the resistance placed at $1,730-$1,735, which has already been tested twice earlier this month, will create space for further rallies.
