Feb 11, 2020
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