News

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

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.