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  • XAU/USD had a bull run in 2019, ending the year at its highest since April 2013.
  • XAU/USD bulls have their eyes set on $1600/oz in 2020.
 

Gold monthly chart

 
The yellow metal is trading in a bull trend above the main monthly simple moving averages (SMAs). In the last four months, the market has been in a bull flag. If the bulls have a convincing break above the 1560/1600 price zone, the market can have a run to the 1730 and 1900 resistance levels. On the flip side, if in 2020, the bears break the 1445 support, the metal could correct down and challenge the 1350 and 1250 levels.  
 

Additional key levels