Gold Price: XAUUSD Return With a Target Towards the Significant Upside of $1,600

Gold Price: XAUUSD Return With a Target Towards the Significant Upside of $1,600

XAUUSD Price Analysis – March 13

Gold promptly returned the fall at the beginning of the Asian session to more than a month low and jumped to new session highs, as buyers return with the goal of significant growth, closer to the $1,600 mark. The latest stimulus from the Fed and market opinion about the need for further measures may support the yellow metal.

Key Levels
Resistance Levels: $1,703, $1,640, $1,600
Support Levels: $1,550, $1,517, $1,486

XAUUSD Long term Trend: Ranging

On Thursday, gold prices dropped sharply, down more than 3 percent. This comes after price broke at $1,623.55 beneath the initial support level. As gold was poised to pullback there was a brief momentum. However, the $1,623 level loss has seen the pair plummet to $1,563 level and lower.

Currently, the gold price is attempting the $1,600 level and challenging past support turned barrier. The level seems to hold out so far. But a break down from here could pull in $1,517 level.

XAUUSD Short term Trend: Bearish

Some upside potential may prevail in the market on its intra-day. Remember that the price, at $1,600 level, may have to surpass its resistance. Furthermore, because of the resistance created by the confluence zone at the same point, it is unlikely that the price of gold may reach the level of $1,640.00.

On the flip side, the yellow metal rising in the nearest future may depreciate against the US dollar. The price for gold, in this case, could fall beneath the $1,550.00 level.

Instrument: XAUUSD
Order: Buy
Entry price: $1,563.00
Stop: $1,550
Target: $1,623

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.