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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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