Gold Remains Vulnerable as Mixed Oscillators Give a Directionless Signal


XAUUSD Price Analysis – January 22

Gold came up short on a consistent directional inclination and changed between little additions/marginal losses in the European session on Wednesday. Returning to an early plunge in the region of $ 1,550 level, gold is presently near the upper limit of its daily trading range, although it remains beneath the two-week highs established in prior sessions.

Key levels
Resistance Levels: $ 1625, $ 1595, $ 1575
Support Levels: $ 1540, $ 1517, $ 1500

XAUUSD Long-term Trend: Bullish

The XAU / USD exchange rate could not exceed the level of 1560.00. As of this morning, the rate was trading below the level of 1560.00. Notice that the yellow metal is supported by the moving averages 5 and 13, currently located around the range of 1557.07.

Although, the price of gold may probably have an upward trend. It is unlikely that the exchange rate may exceed the horizontal resistance at the level of 1575.00.

XAUUSD Short-term Trend: Ranging

Over a 4-hour time interval, gold consolidates laterally against the US dollar around these moving averages. Besides, it is unlikely that bears can dominate the market, and the rate may plunge beneath the horizontal support level of 1540.25.

The present consolidation occurs near the minor support/resistance level of 1575 and 1540 levels. RSI also looks a little optimistic. But a breakthrough after 1575.00 is necessary to confirm the growth towards the upside for gold.

Instrument: XAUUSD
Order: Buy
Entrance Price: $ 1550.00
Stop: $ 1517
Target: $ 1575

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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.