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.

Flavio Tosti Independent Analyst

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

XAU/USD

Overview
Today last price	1577.08
Today Daily Change	-5.69
Today Daily Change %	-0.36
Today daily open	1582.77

Trends
Daily SMA20	1554.01
Daily SMA50	1506.94
Daily SMA100	1499.56
Daily SMA200	1445.97

Levels
Previous Daily High	1588.64
Previous Daily Low	1571.59
Previous Weekly High	1575.88
Previous Weekly Low	1546.4
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1582.13
Daily Fibonacci 61.8%	1578.1
Daily Pivot Point S1	1573.36
Daily Pivot Point S2	1563.95
Daily Pivot Point S3	1556.31
Daily Pivot Point R1	1590.41
Daily Pivot Point R2	1598.05
Daily Pivot Point R3	1607.46

Author

Flavio Tosti

Independent Analyst

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