Gold Price Analysis: XAU/USD clings to 6.5-year highs

The 2019 uptrend is entering 2020 with a bullish breakout.
The level to beat for bulls is the 1560/1600 price zone.

Flavio Tosti Independent Analyst

Gold monthly chart

The yellow metal is trading in a bull trend above its main monthly simple moving averages (SMAs). The market is attempting to have a convincing break above the 1560/1600 price zone. If the buyers overcome this crucial resistance zone, the market could climb to the 1730 and 1900 resistance levels.

Gold daily chart

The market is clinging to gains near 6.5-year highs. However, if the bulls fail to surpass the 1560/1600 resistance zone and it gets faded, the metal could drop back to 1445 support. After a wich, a correction down to the 1350 and 1250 levels could potentially be on the cards.

Additional key levels

XAU/USD

Overview
Today last price	1569.48
Today Daily Change	3.74
Today Daily Change %	0.24
Today daily open	1565.74

Trends
Daily SMA20	1498.34
Daily SMA50	1483.08
Daily SMA100	1494.01
Daily SMA200	1425.58

Levels
Previous Daily High	1586.75
Previous Daily Low	1552
Previous Weekly High	1553.4
Previous Weekly Low	1510.85
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1573.48
Daily Fibonacci 61.8%	1565.27
Daily Pivot Point S1	1549.58
Daily Pivot Point S2	1533.42
Daily Pivot Point S3	1514.83
Daily Pivot Point R1	1584.33
Daily Pivot Point R2	1602.92
Daily Pivot Point R3	1619.08

Author

Flavio Tosti

Independent Analyst

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