By Paul Wong
The U.S. Federal Reserve (the "Fed") made a surprise interest rate cut of 50 basis points on Tuesday, March 3, and gold bullion closed the week higher, above $1,670. This follows gold's February breakout from the critical $1,585/$1,600 overhead resistance range that we have highlighted for several months.
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The coronavirus outbreak has worsened to now more than 95,000 infected worldwide and has spread globally. The threat of the coronavirus on global economic growth has now impacted all asset classes, global trade, liquidity and central bank policies. It was in