Gold bullish bias is expected to continue and rise above $1558 and push higher towards $1600 in the coming days. Despite certain forecasts about gold pushing lower. Let’s check gold technical analysis for more levels and insights.
January 20, 2020 | AtoZMarkets.com – Gold is currently residing above $1558 area after bouncing off the $1535 earlier. The price having long-term Bullish Bias may breach over $1600 and create another key high area. GOLD did start to range at the edge of $1550 area while certain forecast about downturn pressure below $1540 was on high buzz.
Gold gains started to pile up after US-China Trade Agreement as the price breaks above $1550 and continuing the Bullish Rally. Though certain barriers are still on the way but Bullish Rally backed by confluence is expected to push higher. The yellow metal is still considered a safe investment but certain downturn may impact the overall gains in the process.
GOLD Bullish Bias pushed Gold to sustain above $1550
Gold managed to sustain the bullish pressure above $1550 and rising above such price area may boost the overall Bullish Rally. Despite price struggling to push higher impulsively, the Bullish Bias is still intact and thriving. The price having Bullish Confluence along the way is expected to break the barriers and create new higher high above $1610.
image: GOLD 1 Hour Chart
Recently, the price broke above intraday high $1558 which signals further upward pressure in the making. The dynamic level 20 EMA, Tenkan and Kijun line remaining below the price line has been working as dynamic support. The Kumo Cloud also worked pretty well to push the price higher as a dynamic support in the process.Though certain struggle at the edge of $1558 area was seen earlier but currently the price broke above it smoothly.
MACD showing no evidence of Bearish Divergence is a big sign for continuing the Bullish Rally. The overall impulsive bias regained after the price broke above $1558 which lead the price to be above $1560.
GOLD with No Barrier Higher
image: Gold Daily Chart
Gold proved to be quite consistent with the XAUUSD Bullish Momentum after bouncing off the $1535. Though the momentum was quite low but consistency was what traders cared. The investors considering GOLD as safe investment was fruitful and keeping the status intact, the price is moving higher. Currently, the price is heading higher remaining above $1560 area. The dynamic level Tenkan Line may act as a barrier towards $1573 but on the upside, no major barriers are present.
So, in the coming days the price may manage to sustain the consistency along with certain impulsive pressure. It may to reach $1610 in no time. Despite having certain forecast of dips along the way, price holding above $1550 may lead to continuation of the Bullish Rally further.
To conclude, gold rising above $1558 may continue the Bullish Rally uninterrupted towards $1610 area. Though certain correction may occur but remaining above $1550 will help the Bulls to sustain momentum.