Gold Price News and Forecast: XAU/USD buyers remain in control above the 1570 price level

Yohay Elam FXStreet

Gold New York Forecast: XAU/USD bull flag formation can lead to higher levels

Gold daily chart

XAU/USD is trading in an bull trend above its main daily simple moving averages (SMAs). After fading the 1600 mark earlier in January, the metal has been grinding higher above the $1540 per troy ounce.

Gold Daily News: Tuesday, January 28

The gold futures gained 0.35% on Monday, as it extended its short-term uptrend. However, the market has retraced most of its yesterday’s intraday rally from the daily local high of $1,588.40. Gold continued to gain following China virus fears, among other factors. On Wednesday gold has bounced off $1,550 level, and since then it gained almost 2.5%. The market trades within a short-term uptrend as it is still retracing some of its move lower from the January 8 medium-term high.

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