XAU/USD: Gold prices are back at its previous low; critical resistance at 1226.55

XAU/USD: Gold prices are back at previous low; critical resistance at 1226.55

 

What is going on with XAU/USD?

XAU/USD: Gold prices are now down to its previous low after a brief run to its previous high. The pair took off after bouncing at 1226.54 in yesterdays session and reached 1235.60. Gold fell during the overnight session and reached 1226.54 in this mornings session.

Our forecast

XAU/USD: Gold currently trades at 1225.29 after falling below 1224.55 support. The pair could continue down to 1223.90 and 1221.68 if it fails to hold above 1224.55. Gold needs to break and maintain above 1224.55 to head back up.

Support/Short- 1224.55, 1223.90, 1221.68, and 1220.25

Resistance/ Long Target - 1226.55, 1228.45, 1230.45, and 1232.60

Chart 1: The short-term view of the XAU/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the XAU/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

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