The market keeps reluctantly advancing in a bear flag formation. The level to beat for bears is the 1570 support. Gold daily chart XAU/USD is trading in a bull trend above the main daily simple moving averages (SMAs). After fading the 1600 mark earlier in January, the metal has been trading in a bear flag in the second part of January. Gold four-hour chart The market is still trading above the main SMAs on the four-hour chart. However, the market more likely formed a double top/lower low with the high established at the start of January. If bears breach the 1576/70 support zone, the market is most likely to lose more steam towards the 1556 and 1550 price levels in the medium term. Resistances are seen near 1590, 1600 and 1610 price levels. 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 Ethereum Price Analysis: ETH/USD bulls have their work cut out for big supply area head of $200 FX Street 2 years The market keeps reluctantly advancing in a bear flag formation. The level to beat for bears is the 1570 support. Gold daily chart XAU/USD is trading in a bull trend above the main daily simple moving averages (SMAs). After fading the 1600 mark earlier in January, the metal has been trading in a bear flag in the second part of January. Gold four-hour chart The market is still trading above the main SMAs on the four-hour chart. However, the market more likely formed a double top/lower low with the high established at the start of January. If bears breach… 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.
