Gold $1580—$1585 Zone is an Important Resistance Zone

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.

Read More : MCX Gold Price 40,724, I Told You Target Open Low 39900 And High 40724 – Watch 800 Points Plus Just 2 Days

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.

Read More : Gold News Today – सोने-चांदी के दाम में तेजी

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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