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Gold Price Analysis: XAU/USD bounces and challenges $1615/oz

  • XAU/USD consolidates after the massive bull-run seen in the last weeks.
  • XAU/USD regains the 1600 mark after a short-lived dip below it.
 

XAU/USD daily chart

 
Gold is consolidating the bull-run stemming from the 2020 lows while trading above the main DMA (daily simple moving average). 
 

XAU/USD four-hour chart

 
After a short-lived dip below the 1600 mark the bullion is back above the level and the main SMAs on the four-hour chart suggesting bullish momentum in the medium term. If buyers overcome 1615 resistance the market could appreciate further towards 1640 and possibly to the 1670 level while immediate support can emerge near 1600 and 1570 levels. 
 

Additional key levels

XAU/USD

Overview
Today last price 1610.58
Today Daily Change 19.67
Today Daily Change % 1.24
Today daily open 1590.91
 
Trends
Daily SMA20 1588.29
Daily SMA50 1590.96
Daily SMA100 1545.87
Daily SMA200 1511.99
 
Levels
Previous Daily High 1600.7
Previous Daily Low 1568.46
Previous Weekly High 1644.54
Previous Weekly Low 1482.74
Previous Monthly High 1703.27
Previous Monthly Low 1451.3
Daily Fibonacci 38.2% 1588.38
Daily Fibonacci 61.8% 1580.78
Daily Pivot Point S1 1572.68
Daily Pivot Point S2 1554.45
Daily Pivot Point S3 1540.44
Daily Pivot Point R1 1604.92
Daily Pivot Point R2 1618.93
Daily Pivot Point R3 1637.16

 

 

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