OctaFX | OctaFX Forex Broker
Open trading account
Back

Gold New York Price Forecast: XAU/USD bulls parked below 1588 resistance

  • Bulls remain in control above the 1570 price level. 
  • Targets to the upside can be located near 1598 and 1610 price levels.
  • There is no evidence for a convincing top. 
 
 

Gold daily chart

 
XAU/USD is trading in an uptrend above the main daily simple moving averages (SMAs). After rejecting the 1600 figure earlier in January, the metal has been regaining some ground above the $1560 per troy ounce. 
 

Gold four-hour chart

 
The market is debating whether this latest bull-run on the four-hour chart is the continuation of the bull trend or a correction of the sharp drop seen at the start of January. A daily close above the 1588 level can lead to further gains towards the 1598 and 1610 price levels. On the flip side, if the bears break the 1576 level, the market can decline towards the 1570 and 1560 levels. 
  

Additional key levels

 

NZD/USD Price Analysis: Plummets to over 6-week lows, around mid-0.6500s

The NZD/USD pair came under some intense selling pressure on Monday and tumbled to over six-week lows, around the 0.6555 region during the early North
Read more Previous

EUR/NOK advances to 2020 highs beyond 10.000

The selling bias in the Norwegian currency is now lifting EUR/NOK back above the psychological mark at 10.00 the figure on Monday. EUR/NOK offered on
Read more Next
Start livechat