Following the $50 approx fall in the price of XAU/USD from $1592 on 3rd Feburary to $1547 on 5th February, from Thursday this week (6th February), gold has begun an upwards trend on hourly. On the 4 hourly this commodity is still very much sideways. On the weekly, however gold is very much bullish and has responded well after a 'spinning top' candlestick was formed after the first week of January on the weekly timeframe. Zooming into the 5 minute timeframe, I would be eyeing longs on gold if price is able to make higher highs and higher lows whilst making support at $1573. Target price is $1590.
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