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Gold Price Analysis: XAU/USD bulls challenging 1573 resistance level

  • The level to beat for bulls is the 1573 resistance on a daily closing basis. 
  • Support is seen near the 1555/1550 price zone. 
 

Gold daily chart

 
XAU/USD is trading in a bull trend above its main daily simple moving averages (SMAs). After rejecting the 1600 figure earlier in January, the metal has been consolidating near the $1560 per troy ounce. 
 

Gold four-hour chart

 
Gold is attempting to break above the 1573 resistance. A daily close above this level could lead to further upside towards the 1570 level. However, a failure near 1573 can see the market stay in its recent range and trade back to the 1555/1550 support zone. 
 

Additional key levels

 

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