Gold Restores Positive Dynamics Due to Steady Movement to the Level of $ 1560

Gold Restores Positive Dynamics Due to Steady Movement to the Level of $ 1560

XAUUSD Price Analysis – January 17

Gold rose in the middle of the European session to the American session on Friday and is presently trading near the upper limit of its weekly trading range, about $ 1560 level. A sustainable movement to the level of $ 1560 was seen as a key factor for buyers and may pave the way for further appreciation.

Key Levels
Resistance Levels: $ 1625, $ 1589, $ 1575
Support Levels: $ 1536, $ 1517, $ 1500

XAUUSD Long term Trend: Bullish

The indicators on the daily chart maintained their bullish bias, and also resumed growth in a positive direction, adding confidence to the constructive trend.

Meanwhile, some subsequent buying may confirm the bullish bias and set the stage for movement to the upper boundary of the bullish trend zone, combined with a horizontal resistance zone at $ 1611.49 in the long term.

XAUUSD Short term Trend: Ranging

Observe that the yellow metal is compressed by the moving average of 5 and 13 on the 4-hour time frame, presently at $ 1,555.33 and $ 1,556.68, respectively. Thus, it is likely that in the short term, gold may continue to rise versus the US dollar.

However, it is unlikely that bears can overcome, and the exchange rate may plunge beneath the short-term horizontal support at $ 1,536 level. Besides, it is unlikely that some upside potential may overcome, and the price of gold may exceed $ 1575 level.

Instrument: XAUUSD
Order: Buy
Entry price: $1557.07
Stop: $1517
Target: $1575

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.