Gold Price: XAUUSD regains traction for the resumption of an upward move towards $1,675 level
On Wednesday, gold recovered some positive traction and broke two consecutive days in a loss train. The precious metal has recovered most of the nightly drop to $1,642 level, as doubts about the stimulus package proposed by US President Donald Trump to mitigate the economic impact of the Coronavirus epidemic have affected risk sentiment.

Key Levels
Resistance Levels: $1,703, $1,690, $1,675
Support Levels: $1,642, $1,625, $1,611

XAUUSD Long term Trend: Bullish

Currently, XAUUSD is near the session peaks, in the region of $1,649-71 levels, the pair now seeks to expand the momentum further beyond the moving average of 5.

Bulls are now anticipating a recent high of $ 1,703 level reached on Monday, which marks the highest price level since December 2012. Probably short-term pullbacks in the framework of what is now a three-month uptrend may suffice, as a chance to continue bullish growth.

XAUUSD Short term Trend: Bullish

Oscillators on 4-hour charts are correcting from higher levels, still holding on to bullish territory. A subsequent movement for horizontal resistance of $1,675 level may add confidence to the constructive setting and set the stage for the resumption of the recent bullish trajectory.

If this resistance persists, a southward reversal may likely occur shortly, as the level may receive support from the horizontal lines near the level of $1,655.00.

Instrument: XAUUSD
Order: Buy
Entry price: $1,655.00
Stop: $1,625
Target: $1,703

  • 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
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • 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
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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