Spot gold prices look likely to squeeze between a short-term uptrend support and resistance in the $1850s. A break above the 200 and 50DMAs in the $1850s could open the door to a move towards late-January highs at $1875. Spot gold prices were choppy on Wednesday, swinging between a roughly $20 range between the $1835 and $1855 levels, but still managed to close Wednesday’s session with gains of around 0.3%. Looking at the spot price over a short time horizon, XAU/USD has respected an uptrend from the Monday Asia Pacific session open low at just under $1830. Meanwhile, XAU/USD’s 200-day moving average (DMA) at $1854 provided tough resistance on Wednesday, implying that so long as the precious metal continues to respect this week’s uptrend support and 200DMA resistance, prices should continue to squeeze in the hours/days ahead, forming an ascending triangle that would theoretically be subject to a break out to the upside. Breaking above Wednesday’s high/the 200DMA will be tough as, as spot prices will also need to surpass the 50DMA at $1857. But should the bulls succeed, XAU/USD would then be in with a shot of rallying back towards its late-January highs of around $1875. Conversely, failure to break above this tough area of resistance in the $1850s and a subsequent break below the uptrend that has offered support to the price action thus far this week would open the door to a test of support in the $1830-$1835 area (the 20 and 27 January and 2 February lows). A break below this level could open the door to a collapse back down towards this month’s low in the $1780s, ahead of lows set last November in the $1760s. XAU/USD four hour chart 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 USD/CAD again battles 1.2700, fades bounce off three-week low FX Street 1 year Spot gold prices look likely to squeeze between a short-term uptrend support and resistance in the $1850s. A break above the 200 and 50DMAs in the $1850s could open the door to a move towards late-January highs at $1875. Spot gold prices were choppy on Wednesday, swinging between a roughly $20 range between the $1835 and $1855 levels, but still managed to close Wednesday’s session with gains of around 0.3%. Looking at the spot price over a short time horizon, XAU/USD has respected an uptrend from the Monday Asia Pacific session open low at just under $1830. Meanwhile, XAU/USD’s 200-day… 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.