3 Jan 2020
Gold Price Analysis: XAU/USD is nearing key resistance near $1560/oz
- XAU/USD had a bullish run in 2019 and is starting 2020 at its highest since April 2013.
- The level to beat for buyers is the 1560/1600 price zone.
Gold monthly chart
The precious metal is trading in a bull trend above the main monthly simple moving averages (SMAs). In the last four months, it has been trading in a bull flag and if the bulls can have a convincing breakout above the 1560/1600 price zone, gold could rise towards the 1730 and 1900 resistance levels.
Gold daily chart
On the flip side, if the 1560/1600 price zone gets faded, gold is set to remain in the range of the last four months. In the event bears break 1445 support, the yellow metal could correct down and test the 1350 and 1250 levels.
Additional key levels