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XAUUSD Price Analysis – February 7
The increasing tension in the Coronavirus crisis could push gold upward, trying to reach the $ 1,575 level. The yellow metal strengthened despite stock market growth following the publication of economic data that exceeded expectations. However, the mood for assets at risk improved significantly as fears of coronavirus eased slightly.
Key Levels
Resistance Levels: $ 1625, $ 1595, $ 1580
Support Levels: $ 1550, $ 1540, $ 1517
XAUUSD Long term Trend: Bullish
XAUUSD is trading in an uptrend after its main daily 5 and 13 moving averages. However, gold broke beneath the bear flag and then recovered slightly over the past three sessions.
The movement is unstable, which probably means that gold is about to consolidate. RSI has grown, but is in the middle of the neutral range and reflects consolidation.
XAUUSD Short term Trend: Ranging
After the breakdown of the January bearish flag, the bears see the current upward move as a correction that will lead to another potential bearish leg. However, a clear break past the resistance level of 1575/80 should nullify the bearish bias and restore the bullish momentum in the market.
Bears expect a breakdown of the support level of $ 1,563 with a break below the level of $ 1,550 and a potential fall to the level of $ 1,540 in the short term.
Instrument: XAUUSD
Order: Buy
Entry price: $1,567.50
Stop: $ 1,550
Target: $1,585
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
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