Gold Price News and Forecast: XAU/USD flag breakout suggests scope for a rise to $1,562


Gold: Mildly positive around $1556 despite trade/political optimism

Gold prices extend the recent recovery from $1,555 while taking rounds to $1,556.80 during the Asian session on Thursday. The precious metal seems to concentrate more on the US dollar (USD) weakness than trade/political headlines that have been positive off-late.

Following the successful phase-one deal signing in ceremony, China’s Vice Premier Liu He recently crossed wires while saying that it was the correct choice for the US to remove China from the currency manipulator list.

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XAU/USD

Overview
Today last price 1556.36
Today Daily Change 0.08
Today Daily Change % 0.01
Today daily open 1556.28
 
Trends
Daily SMA20 1527.42
Daily SMA50 1491.09
Daily SMA100 1496.52
Daily SMA200 1434.82
 
Levels
Previous Daily High 1558.1
Previous Daily Low 1546.1
Previous Weekly High 1611.3
Previous Weekly Low 1540.3
Previous Monthly High 1525.1
Previous Monthly Low 1454.05
Daily Fibonacci 38.2% 1553.52
Daily Fibonacci 61.8% 1550.69
Daily Pivot Point S1 1548.88
Daily Pivot Point S2 1541.49
Daily Pivot Point S3 1536.88
Daily Pivot Point R1 1560.89
Daily Pivot Point R2 1565.5
Daily Pivot Point R3 1572.89

 

Gold Price Analysis: Flag breakout suggests scope for a rise to $1,562

Gold is again looking north and could challenge resistance at $1,562. The yellow metal 0.64% and closed at $1,556 on Wednesday, confirming a bull flag breakout on the daily line chart. The pattern indicates the pullback from recent highs has ended and the rally from lows below $1,450 observed in December has resumed.

The flag breakout has opened the doors for a convincing move above the recent closing high of $1,573. However, on the way higher, the yellow metal will encounter resistance at $1,562 (Jan. 10 close). 

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