Gold Price Trends Beneath the Level of $ 1567, Swings Close to Weekly Lows

XAUUSD Price Analysis – February 12

Gold is declining for the second session in a row on Wednesday and is currently near the bottom of its weekly trading range, near the levels of $ 1563-67. Risk flows led to a positive increase in US Treasury bond yields, which also played a role in exerting additional pressure on the non-earning yellow metal.

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

XAUUSD Long term Trend: Bullish

At the time of composing, the yellow metal price is $ 1,567. The prospect that gold will complete the head and shoulders pattern will worsen if prices close above the February 10 high of $ 1,575. This is likely to help re-test levels above $ 1,580.

The downtrend of the 14-day relative strength index indicates that the metal is likely to fall in the direction of supporting the neckline at $ 1,555.

XAUUSD Short term Trend: Ranging

Gold is still bullish, despite the recovery, which occurs in 4 hours. We can see a bullish rebound on short-term support at $ 1563. The level of $ 1557- $ 1563 is still a merger zone where gold buyers enter. The price rebounded to the level of $ 1,567, and then $ 1,575.

In case of an accidental breakthrough of the level of $ 1,575, we can see a revised level of $ 1,585. A deeper recovery can only follow if the level of $ 1555 breaks below. In this case, it can come close to the level of $1,552 and $1,544.

Instrument: XAUUSD
Order: Buy
Entry price: $1,563
Stop: $ 1,550
Target: $1,580

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