Gold Price Analysis: Gold moves higher during Powell Q&A

• 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