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

 

 

After suffering one of its worst declines, gold is having a reaction 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 gains some steam above $1500 per troy ounce as the Fed announces unlimited Quantitative Easing (QE). 

 

 

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 above-mentioned level can lead to further gains toward the 1565 resistance level. Support can be expected near the 1500 and 1480 price levels.