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Gold New York Forecast: XAU/USD bull flag formation can lead to higher levels

  • Buyers remain in control above the 1570 price level as XAU/USD created a bull flag. 
  • Targets on the way up can be located near 1598 and 1610 price levels.
 
 

Gold daily chart

 
XAU/USD is trading in an bull trend above its main daily simple moving averages (SMAs). After fading the 1600 mark earlier in January, the metal has been grinding higher above the $1540 per troy ounce. 
 

Gold four-hour chart

 
The market is deciding if the latest bull-run on the four-hour chart is the continuation of the main uptrend or a correction of the drop seen at the start of January. A daily close above the 1588 level would be encouraging for bulls as it could open the gates to further gains towards the 1598 and 1610 price levels. On the flip side, if the bears break the 1576 level, the metal can correct towards the 1570 and 1560 price levels. 
  

Additional key levels

 

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