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Gold New York Price Forecast: XAU/USD bulls facing the 1563 resistance in the New York session

  • Gold is about to enter the New York session trading above the 1558/1555 support zone.
  • The level to beat for bulls is the 1563 resistance.
 

Gold daily chart

 
XAU/USD is trading in an uptrend above the main daily simple moving averages (SMAs). After a failure at the 1600 mark earlier in the month, the metal is regaining strength once again. 
 

Gold four-hour chart

 
Gold is currently limited by the 1563 resistance as the metal is evolving in a bullish channel above the main SMAs. A break above the resistance can see the metal appreciating towards the 1570 and 1580 resistance levels.
 
 
 

 

Gold 30-minute chart

 
The market is trading above the main SMAs suggesting a bullish momentum in the near term. The bullish bias would likely be invalidated below the 1558/1555 price zone as it could lead to a deeper retracement towards the 1550 level.
 

Additional key levels 

 

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