Gold Price Slip-On Rising Risk Sentiment, Rebounds on 1550 Level

5 February 2020 | Updated: 5 February 2020

XAUUSD Price Analysis – February 5

Gains in stock markets put the gold price under control. Precious metals are declining for the second day in a row. Notwithstanding financial specialist anxieties about the effect of the Coronavirus, stocks clutched gains. The fall additionally came in the midst of the trading of the US dollar on the rear of positive financial figures.

Key Levels
Resistance Levels: $ 1625, $ 1595, $ 1580
Support Levels: $ 1550, $ 1540, $ 1517

XAUUSD Long-term Trend: Ranging

Gold is presently trending on the level at $ 1,556 per ounce, matching a 0.22% increase in the day as the yellow metal reversed lower from $ 1,594 level on Monday and tested around $ 1,548 level. The precious metal may likely maintain its bearish trend.

Initial price action will likely slide towards the support level at $1,540 level initially. If the resistance holds, we anticipate further falls when broken beneath the $ 1,540 level.

XAUUSD Long-term Trend: Bearish

XAUUSD has been in a declining position since Monday when it breached beneath the short term horizontal support line. The slide continued yesterday too, as the support reached $ 1,550 level before the rebound.

The transient recovery stayed underneath the short-term horizontal obstruction at $ 1,563 level, and today, the price has diminished to stop again near the $ 1,550 level. Given that the metal is trading underneath the previously mentioned upturn line, we will consider the short-term pattern to be negative at this point.

Instrument: XAUUSD
Order: Sell
Entry price: $1,563
Stop: $ 1,575
Target: $1,540

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.