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Gold New York Price Forecast: XAU/USD recovers from 2020 lows as Fed announces 'Q-Infinity'

  • XAU/USD bounces off 2020 lows as Fed announces unlimited bond-buying scheme.
  • Resistance is seen in the 1530/40 price zone.  

XAU/USD daily chart

After suffering a steep decline, gold is reacting up near the 200 SMA (simple moving average) on the daily chart, while still trading below the 50 and 100 SMAs. XAU/USD is consolidating losses and gaining some steam above $1500 per troy ounce as the Fed announces unlimited Quantitative Easing (QE). 
 

XAU/USD four-hour chart

The metal is bouncing off the 2020 lows as the bulls are challenging the 1530/40 resistance level and the 50 SMA on the four-hour chart. A break above the mentioned level can lead to further gains toward the 1565 resistance line. Support can be expected near the 1500 and 1480 price levels.  
 
 
Resistance: 1530, 1540, 1565
Support: 1500, 1480, 1460
 

Additional key levels

XAU/USD

Overview
Today last price 1526.44
Today Daily Change 27.38
Today Daily Change % 1.83
Today daily open 1499.06
 
Trends
Daily SMA20 1596.02
Daily SMA50 1582.85
Daily SMA100 1535.3
Daily SMA200 1503.19
 
Levels
Previous Daily High 1516.19
Previous Daily Low 1455.54
Previous Weekly High 1561
Previous Weekly Low 1451.3
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1493.02
Daily Fibonacci 61.8% 1478.71
Daily Pivot Point S1 1464.34
Daily Pivot Point S2 1429.61
Daily Pivot Point S3 1403.69
Daily Pivot Point R1 1524.99
Daily Pivot Point R2 1550.91
Daily Pivot Point R3 1585.64

 

 

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