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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.
 

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

 

 

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