The bulls are forming a base above $1550/oz level. The 1570/75 area is a strong resistance zone. Gold daily chart XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs). However, gold broke below a bear flag and the market recovered slightly this Thursday. Gold four-hour chart Bulls are forming a base near the 1550 level and the 200 SMA on the four-hour chart. The buyers would need a clear breakout above the 1570/75 resistance zone to resume the bullish bias. On the flip side, if the metal fails to make any major progress above the above-mentioned price zone, XAU/USD could become vulnerable to another bearish incursion. If bears break below the 1550 support, it can expose the 1540 and possibly the 1525 level on the way down. Additional key levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next When is the RBA’s Lowe’s speech, monetary policy statement and how could they affect AUD/USD? FX Street 2 years The bulls are forming a base above $1550/oz level. The 1570/75 area is a strong resistance zone. Gold daily chart XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs). However, gold broke below a bear flag and the market recovered slightly this Thursday. Gold four-hour chart Bulls are forming a base near the 1550 level and the 200 SMA on the four-hour chart. The buyers would need a clear breakout above the 1570/75 resistance zone to resume the bullish bias. On the flip side, if the metal fails to make any… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
