Gold Price Analysis: XAU/USD is nearing key resistance near $1560/oz

XAU/USD had a bullish run in 2019 and is starting 2020 at its highest since April 2013.
The level to beat for buyers is the 1560/1600 price zone.

Flavio Tosti Independent Analyst

Gold monthly chart

The precious metal is trading in a bull trend above the main monthly simple moving averages (SMAs). In the last four months, it has been trading in a bull flag and if the bulls can have a convincing breakout above the 1560/1600 price zone, gold could rise towards the 1730 and 1900 resistance levels.

Gold daily chart

On the flip side, if the 1560/1600 price zone gets faded, gold is set to remain in the range of the last four months. In the event bears break 1445 support, the yellow metal could correct down and test the 1350 and 1250 levels.

Additional key levels

XAU/USD

Overview
Today last price	1546.5
Today Daily Change	18.21
Today Daily Change %	1.19
Today daily open	1528.29

Trends
Daily SMA20	1488.69
Daily SMA50	1480.73
Daily SMA100	1492.96
Daily SMA200	1422.92

Levels
Previous Daily High	1531.31
Previous Daily Low	1517.24
Previous Weekly High	1517.4
Previous Weekly Low	1477.55
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1525.94
Daily Fibonacci 61.8%	1522.61
Daily Pivot Point S1	1519.92
Daily Pivot Point S2	1511.54
Daily Pivot Point S3	1505.85
Daily Pivot Point R1	1533.99
Daily Pivot Point R2	1539.68
Daily Pivot Point R3	1548.06

Author

Flavio Tosti

Independent Analyst

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