OctaFX | OctaFX Forex Broker
Open trading account
Back

Gold Price Analysis: XAU/USD on the rise, hits $1600/oz

  • XAU/USD bulls are eying at the 2020 highs. 
  • Buyers' short term targets can be located near the 1610.30 and 1614.31 levels.
 

Gold daily chart

 
XAU/USD is trading in a bull trend above the main daily simple moving averages (SMAs). Gold is rising in a bullish channel as the market is nearing $1600 per ounce.
 

Gold four-hour chart

 
XAU/USD is trading above the 1576.75 support and the main SMAs on the four-hour chart, suggesting a bullish momentum in the medium term. As buyers are in control, the market can try to climb to the 1590.05 and 1595.00 price levels. On the flip side, pullbacks down may find support near the 1576.88, 1571.94 and 1565.36 levels, according to the Technical Confluences Indicator.   
 
 
Resistance: 1599.35, 1610.30, 1614.31
Support: 1589.38, 1584.39, 1579.40
 

Additional key levels

 

China's Commerce Ministry: Will step up polices to stabilise foreign investment

China will stabilise foreign trade, foreign investment and consumption to minimise the impact of the coronavirus outbreak, China’s Commerce Ministry s
Read more Previous

USD/JPY Price Analysis: Dollar eases from session highs vs. yen, trades sub-110.00 level

USD/JPY is extending the ranging theme for the 10th consecutive day as the spot is trading off February highs and below the 110.00 figure. The quote is trading
Read more Next
Start livechat