Gold Price Analysis – gold is again looking north and could challenge hurdle @ $1565 to $1575 level. The yellow metal 0.64% and closed at $1,556 on Wednesday, confirming a bull flag breakout on the day trading chart line.
The pattern indicates the pullback from recent highs has ended and the rally from lows below $1,450 observed in December has resumed.
Gold Price Analysis – The flag breakout has opened the doors for a convincing move above the recent closing high of $1,573. However, on the way higher, the yellow metal will encounter hurdle @ $1,565 (Jan/10/2020 close). The yellow metal is trading @ $1,558 per Oz.