Gold Price Analysis: XAU/USD bulls eyeing $1570.00/oz and above

XAU/USD remains well supported above the 1560.00 mark.
The level to beat for bulls is the 1572.39 resistance.

Flavio Tosti Independent Analyst

Gold daily chart

Gold is trading in a bull trend above the main daily simple moving averages (SMAs). The market is evolving in a rising channel while the price appears to be supported above the 1560.00 figure.

Gold four-hour chart

XAU/USD is trading above the 200 SMA while challenging the 50/100 SMAs on the four-hour chart. Bulls appear to be in control and a break above the 1567.50 resistance is likely to lead to gains towards the 1572.39, 1575.65 and 1580.00 price levels. Retracements down could find support near the 1562.62, 1557.73, 1553.00 and 1547.95 levels, according to the Technical Confluences Indicator.

Resistance: 1567.50, 1572.39, 1575.65, 1580.00

Support: 1562.62, 1557.73, 1553.00, 1547.95

Additional key levels

XAU/USD

Overview
Today last price	1568.16
Today Daily Change	-0.48
Today Daily Change %	-0.03
Today daily open	1568.64

Trends
Daily SMA20	1567.01
Daily SMA50	1530.38
Daily SMA100	1507
Daily SMA200	1462.01

Levels
Previous Daily High	1574.12
Previous Daily Low	1562.11
Previous Weekly High	1594.01
Previous Weekly Low	1547.56
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1566.7
Daily Fibonacci 61.8%	1569.53
Daily Pivot Point S1	1562.46
Daily Pivot Point S2	1556.28
Daily Pivot Point S3	1550.45
Daily Pivot Point R1	1574.47
Daily Pivot Point R2	1580.3
Daily Pivot Point R3	1586.48

Author

Flavio Tosti

Independent Analyst

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