Gold Price Analysis: Recaptures $1,600 amid Fed's coronavirus QE, levels to watch

Gold is bouncing back thanks to Fed money printing. The Federal Reserve announced a $500 billion (half a trillion dollars) of injections into bonds across a variety of maturities amid extraordinary conditions in markets following the coronavirus crisis. 

Gold – which had been suffering amid a broad sell-off – has recaptured the $1,600 level.

The next levels to watch are $1,630 (support before the fall), $1,630 (range top before that crash), $1,671 (the previous range's high), and $1,688. The seven-year high of $1,701 is next.