XAUUSD Bulls on the Search for Stability Towards the 1580 Level

XAUUSD Price Analysis – January 29

Gold Buyers looking for stability and while returning towards $ 1,580 level. On Wednesday, risk appetite failed to provide a guiding path for safe-haven gold as investors take a break from coronavirus epidemic toplines.

Key levels
Resistance Levels: $ 1625, $ 1595, $ 1580
Support Levels: $ 1567, $ 1557, $ 1540

XAUUSD Long-term Trend: Bullish

Notice that the yellow metal faces the resistance level formed by the horizontal line around the level at $ 1,580. Consequently, a reversal southwards may come to play, and the price could retest the near-term support on the horizontal line at $ 1,562 level.

However, if the specified resistance level is not proven, gold may likely rise versus the US dollar in the short term. Observe that the price of gold should at first cross the upper horizontal line at $ 1580.

XAUUSD Short-term Trend: Ranging

The market is trading in a short-term bullish trend as it continues to track some of its movements down from the January 8th high. The price of gold has now climbed 0.3%, recovering some declines of yesterday. In general, it stays ranging after the recent developments.

The upside is anticipated to increase, while the pair is trading at the support level of $ 1.567.5, and this will be followed by reaching the resistance level of $ 1,580. The downtrend may begin from the resistance at $ 1,580 level or once the pair falls beneath the support level at $ 1,567.5 as this will be followed by a move to the $ 1.562 support level.

Instrument: XAUUSD
Order: Buy
Entry price: $1,575
Stop: $ 1,567.5
Target: $1,585

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