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Gold London Price Forecast: XAU/USD starts the week challenging $1563/oz resistance

  • Gold is starting the new week with bulls attempting to take the lead. 
  • There is a strong resistance near 1563 which needs to be broken. 
 

Gold daily chart

 
XAU/USD is trading in a bull trend above the main simple moving averages (SMAs). After a rejection of the 1600 mark earlier in January, the market is now grinding to the upside again. 
 

Gold four-hour chart

 
Gold is challenging the 1563 resistance as the market is trading in a rising channel above the main SMAs. A break above this level can see the metal appreciating towards the 1570 and 1580 resistance levels. On the flip side, failure at the 1563 level, can lead to a tight range just below the level and a potential deeper pullback towards the 1555 and 1550 levels.
 

Additional key levels 

 

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