Gold London Price Forecast: XAU/USD starts the week challenging $1563/oz resistance

Gold is starting the new week with bulls attempting to take the lead.
There is a strong resistance near 1563 which needs to be broken.

Flavio Tosti Independent Analyst

Gold daily chart

XAU/USD is trading in a bull trend above the main simple moving averages (SMAs). After a rejection of the 1600 mark earlier in January, the market is now grinding to the upside again.

Gold four-hour chart

Gold is challenging the 1563 resistance as the market is trading in a rising channel above the main SMAs. A break above this level can see the metal appreciating towards the 1570 and 1580 resistance levels. On the flip side, failure at the 1563 level, can lead to a tight range just below the level and a potential deeper pullback towards the 1555 and 1550 levels.

Additional key levels

XAU/USD

Overview
Today last price	1562.42
Today Daily Change	5.24
Today Daily Change %	0.34
Today daily open	1557.18

Trends
Daily SMA20	1535.12
Daily SMA50	1494.78
Daily SMA100	1497.16
Daily SMA200	1437.38

Levels
Previous Daily High	1561.26
Previous Daily Low	1549.66
Previous Weekly High	1562
Previous Weekly Low	1536.35
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1556.83
Daily Fibonacci 61.8%	1554.09
Daily Pivot Point S1	1550.81
Daily Pivot Point S2	1544.43
Daily Pivot Point S3	1539.2
Daily Pivot Point R1	1562.41
Daily Pivot Point R2	1567.64
Daily Pivot Point R3	1574.02

Author

Flavio Tosti

Independent Analyst

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