Gold New York Price Forecast: XAU/USD bulls parked below 1588 resistance

Bulls remain in control above the 1570 price level.
Targets to the upside can be located near 1598 and 1610 price levels.
There is no evidence for a convincing top.

Flavio Tosti Independent Analyst

Gold daily chart

XAU/USD is trading in an uptrend above the main daily simple moving averages (SMAs). After rejecting the 1600 figure earlier in January, the metal has been regaining some ground above the $1560 per troy ounce.

Gold four-hour chart

The market is debating whether this latest bull-run on the four-hour chart is the continuation of the bull trend or a correction of the sharp drop seen at the start of January. A daily close above the 1588 level can lead to further gains towards the 1598 and 1610 price levels. On the flip side, if the bears break the 1576 level, the market can decline towards the 1570 and 1560 levels.

Additional key levels

XAU/USD

Overview
Today last price	1581.48
Today Daily Change	9.74
Today Daily Change %	0.62
Today daily open	1571.74

Trends
Daily SMA20	1550.6
Daily SMA50	1504.72
Daily SMA100	1498.73
Daily SMA200	1444.42

Levels
Previous Daily High	1575.88
Previous Daily Low	1556.6
Previous Weekly High	1575.88
Previous Weekly Low	1546.4
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1568.52
Daily Fibonacci 61.8%	1563.96
Daily Pivot Point S1	1560.27
Daily Pivot Point S2	1548.79
Daily Pivot Point S3	1540.99
Daily Pivot Point R1	1579.55
Daily Pivot Point R2	1587.35
Daily Pivot Point R3	1598.83

Author

Flavio Tosti

Independent Analyst

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