Gold formed a base above $1550/oz level and the 200-SMA on the four-hour chart. The 1570/75 area is an important resistance zone for bulls to break. The level to beat for bears is the 1560 support. 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 has then been recovering slightly in the last three sessions. Gold four-hour chart After the breakdown of the January bear flag, the bears are considering the current upmove a correction that will lead to another potential bear leg. However, a clear break above the 1570/75 resistance should invalidate the bearish bias and re-establish a bullish momentum in the market. Bears are looking for a break of the 1560 support with follow-through below 1550 and a potential drop to the 1540 level. 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 Bitcoin Price Analysis: Can this great run continue? FX Street 2 years Gold formed a base above $1550/oz level and the 200-SMA on the four-hour chart. The 1570/75 area is an important resistance zone for bulls to break. The level to beat for bears is the 1560 support. 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 has then been recovering slightly in the last three sessions. Gold four-hour chart After the breakdown of the January bear flag, the bears are considering the current upmove a correction that will lead to another… 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.
