Gold outlook 20/01/2023
The daily chart for the XAU/USD pair favors a bullish continuation. The pair topped in January at $1,928.93 a troy ounce, the level to surpass to confirm an upward extension. Technical indicators in the mentioned time frame remain within overbought readings, posting modest advances and without signaling upward exhaustion. At the same time, the 20 Simple Moving Average (SMA) heads firmly north, far below the current level but above the longer ones at around $1,857.10.
For the near term, and according to the 4-hour chart, the risk also skews to the upside. Technical indicators have extended their advances within positive levels with moderated bullish strength. Additionally, the pair is comfortably developing above a flat 20 SMA, although the longer ones maintain their upward slopes far below it.
Support levels: 1,906.40 1,896.50 1,884.60
Resistance levels: 1,930.00 1,941.85 1,953.90
For the near term, and according to the 4-hour chart, the risk also skews to the upside. Technical indicators have extended their advances within positive levels with moderated bullish strength. Additionally, the pair is comfortably developing above a flat 20 SMA, although the longer ones maintain their upward slopes far below it.
Support levels: 1,906.40 1,896.50 1,884.60
Resistance levels: 1,930.00 1,941.85 1,953.90
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