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Gold Price Analysis: XAU/USD rolling into Asia nearing the 1560 resistance

  • Gold recovered from the weekly low as the market remains in a range.
  • The level to beat for bulls is the 1560 resistance.
 

Gold daily chart

 
XAU/USD is trading in an uptrend above the main daily simple moving averages (SMAs). After rejecting the 1600 mark earlier in the month, the market is now consolidating.
 

Gold four-hour chart

 
Gold is nearing the 1560/63 resistance while trading above the main SMAs. A break above the price zone can lead to further advances towards the 1571 and 1580 resistances. 
  

Gold 30-minute chart

 
The market is trading in an ascending triangle while above the main SMAs. Support is seen at the 1555 and 1550 level. 
 
 

Additional key levels

 

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