Gold Recover Traction as Investors Renew Hopes in the Safe-Haven


XAUUSD Price Analysis – February 26

During the Asian session, gold rose to a higher level into the European Session on Wednesday and is currently at the top of its daily trading range of $1625-55 levels. Fears of the global outbreak and impact of the new virus on the global economy have compensated for a modest recovery in the global risk bias.

key Levels
Resistance Levels: $1,689, $1,663, $ 1,655
Support Levels: $1,625, $1,611, $1,585

XAUUSD Long term Trend: Bullish

XAUUSD was down more than 0.70% during the day. This happens immediately after the price has risen to a seven-year high. While trading past the level of $1,640, large bulls may stay untouched and shortly focus on immediate goals at $1,689 / $1,700, as traders stay cautious and set for new purchases in safe-havens because of fears of coronavirus pandemic.

A clear breakthrough of the $ 1,640 level, on the other hand, can give the first reversal signal and open the way for a deeper correction to the next significant support levels at $1,625/11 and the $1,600 level in case of expansion.

XAUUSD Short term Trend: Bullish

On the 4-hour timeframe, we see a continuation of the bullish movement after the rollback, while the recovery from the $1,625 level recent low is encouraging, the metal has yet to defy the channel’s falling resistance at $ 1,655.

Closing this level may mean the end of the rollback from recent highs near the level of $ 1,689 and may change the risk in favor of raising to the level of $ 1,655. A breakthrough is likely to stay unattainable if prices find recognition beneath the session low of $ 1,636 level.

Instrument: XAUUSD
Order: Buy
Entry price: $1,636
Stop: $ 1,625
Target: $1,660

Note: 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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • 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
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
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.