Gold Price Update – The market is forming a base near the $1548 level and the 200 SMA on the four-hour chart. The bulls would need a clear break above the $1,580—$1,585 resistance zone to re-establish the upward 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 $1548 support, it can expose the 1532 level and possibly $1518 to the downside.
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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 has been recovering slightly in the last two days.
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