OctaFX | OctaFX Forex Broker
Open trading account

Gold New York Price Forecast: XAU/USD bulls still at work in the 1572/74 price zone

  • XAU/USD bulls are still at work in the 1572/74 resistance zone. 
  • The level to beat for sellers is the 1569 support.

Gold daily chart

Gold is trading in an uptrend above its main daily simple moving averages (SMAs). However, the metal broke below a bear flag. Since then, it has been recovering in the last sessions. 

Gold four-hour chart

After the breakdown of the January bear flag, the bears consider the current up move as a correction that can lead to an extension of the down move. Sellers are looking for a break of the 1569.00 support with a continuation to 1563.00 and a potential drop to the 1557.58 level. However, a daily break above the 1572/74 resistance could invalidate the bearish view and re-establish a bullish bias in XAU/USD. 
Resistance: 1572.28, 1574.54, 1582.08
Support: 1569.00, 1563.00, 1557.58

Additional key levels


Fed Chair Powell: Policy likely appropriate, barring material reassessment

Prepared remarks from Powell's testimony. -- more
Read more Previous

EUR/GBP slides to over one-week lows, around 0.8420 region

The shared currency remained on the defensive against its British counterpart, with the EUR/GBP cross falling to over one-week lows, around the 0.8425
Read more Next
Start livechat