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Gold New York Price Forecast: XAU/USD grinding up, trades above $1570/oz

  • The 1570/75 area is a key resistance zone for buyers to overcome.
  • The level to beat for sellers is the 1560 support.
 

Gold daily chart

 
Gold is trading in a bull trend above the main daily simple moving averages (SMAs). However, XAU/USD broke below a bear flag and has then been pulling back up in the last three trading sessions. 
 

Gold four-hour chart

 
Following the bear breakout of the January bear flag, the sellers are seeing the current up move a correction that will lead to another bear leg. Sellers are looking for a break of the 1560 support with a continuation to 1550 and a potential drop to the 1540 level. However, a daily break above the 1570/75 resistance could invalidate the bearish scenario and re-establish a bullish bias in the market. 
 

Additional key levels

 

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