Gold Weighed Down by a Combination of Price Levels in a Narrow Range


XAUUSD Price Analysis – January 24

A modest recovery of sentiment concerning global risks, as evidenced by the positive shift in trade around the stock markets, affected the status of a safe-haven for precious metals. XAUUSD sank lower at the start of the European session on Friday and is currently near daily lows, around $ 1,560 levels.

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

XAUUSD Long-term Trend: Bullish

The XAUUSD exchange rate is trying to break beneath the level of $1,557.00. As of this morning, the rate was trading at a high of $ 1,563.30 level.

Underneath the horizontal line, observe that the yellow metal is bolstered by 5-day and 13-day moving averages, which are presently situated at $ 1,559.00 level. Gold, on the other hand, may range versus the US dollar during the next trading session. Besides, it is unlikely that its rate can break through the rising wedge in the south due to the support provided.

XAUUSD Short-term Trend: Ranging

The precious metal trimmed losses and returned to the $ 1,557.07 level support area. The consolidation pattern stays in the outlook. A breakthrough may lead to further advances.

Nevertheless, this may usher in the gold price to test prior highs. The inability to break higher can lead to price consolidation or correction to decrease.

Instrument: XAUUSD
Order: Sell
Entry price: $1,557.07
Stop: $1,575.00
Target: $1,540.00

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.