Jan 27, 2020
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