Jan 23, 2020
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