XAU/USD 4 Hour Short Term Analysis

XAU/USD: with the start of the new trading week and year, gold recouped losses, as a result of which the resistance in the region of $2638 per ounce was broken and the resistance of 2665 was tested, after which the price of the metal returned to the level of 2638, which currently acts as support.

From the current levels, purchases and growth to 2655-2665 at least are still possible; the loss of support will lead to a decline towards 2620-2600 dollars per ounce.

In general, there are still no signs of a reversal of the long-term upward trend at this stage, the cheaper metal can attract fresh interest in buying, but the increased interest in bitcoin and cryptocurrencies can contribute to the outflow of capital from precious metals, in which case XAU can break through 2600-2590 and continue to decline towards 2550-2540 dollars per ounce.

Trade active

Trade closed: target reached

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