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7 Feb 2020

Gold Price Analysis: XAU/USD pressuring 1570 resistance post-NFP

  • The market is forming a base above $1550/oz level.
  • The 1570/75 area is an important resistance zone. 
  • The US economy has gained 225,000 jobs in January.
 

Gold daily chart

 
XAU/USD is trading in a bull trend above the main daily simple moving averages (SMAs). However, the metal broke below a bear flag and gold is recovering slightly in the last two days. The US Non-farm payrolls came in above expectations at 225K vs. 160K forecast. However, gold remains supported. 
 

Gold four-hour chart

 
The market is forming a base near the 1550 level and the 200 SMA on the four-hour chart. The bulls would need a clear break above the 1570/75 resistance zone to re-establish the bullish bias. On the flip side, if gold fails to make any progress above the above-mentioned price zone, XAU/USD might become vulnerable to bearish incursions. If sellers break below the 1550 support, it can expose the 1540 level and possibly 1525 to the downside. 
 

Additional key levels

 

Feb 7, 2020

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