Gold Price News and Forecast: XAU/USD appears supported above the 1560.00 mark


Coronavirus, Powell and Gold

The number of cases and deaths by the new coronavirus have escalated quickly. However, the fears subsided and the stock market rebounded. How did gold perform, and what can we expect from the king of metals next?

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Gold New York Price Forecast: XAU/USD bulls looking for a break above 1577 resistance

Gold daily chart

Gold is trading in an uptrend above its main daily simple moving averages (SMAs). XAU/USD is evolving in an upward channel while the market is being supported above the 1560.00 figure.

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