Gold Price Analysis: XAU/USD bulls attacking the 1570 resistance one more time


  • Gold formed a base above $1550/oz level and the 200-SMA on the four-hour chart.
  • The 1570/75 area is an important resistance zone for bulls to break.
  • The level to beat for bears is the 1560 support.
 

Gold daily chart

 
XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs). However, gold broke below a bear flag and has then been recovering slightly in the last three sessions. 
 

Gold four-hour chart

 
After the breakdown of the January bear flag, the bears are considering the current upmove a correction that will lead to another potential bear leg. However, a clear break above the 1570/75 resistance should invalidate the bearish bias and re-establish a bullish momentum in the market. Bears are looking for a break of the 1560 support with follow-through below 1550 and a potential drop to the 1540 level.
 

Additional key levels

XAU/USD

Overview
Today last price 1570.02
Today Daily Change 3.82
Today Daily Change % 0.24
Today daily open 1566.2
 
Trends
Daily SMA20 1564.19
Daily SMA50 1524.21
Daily SMA100 1505.58
Daily SMA200 1457.67
 
Levels
Previous Daily High 1568.32
Previous Daily Low 1552.54
Previous Weekly High 1589.79
Previous Weekly Low 1563.46
Previous Monthly High 1611.53
Previous Monthly Low 1517.1
Daily Fibonacci 38.2% 1562.29
Daily Fibonacci 61.8% 1558.57
Daily Pivot Point S1 1556.39
Daily Pivot Point S2 1546.57
Daily Pivot Point S3 1540.61
Daily Pivot Point R1 1572.17
Daily Pivot Point R2 1578.13
Daily Pivot Point R3 1587.95

 

 

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