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Gold Price Analysis: XAU/USD can be at risk of correcting down further

  • XAU/USD is consolidating gains below the 1660.00 level.
  • A deeper retracement cannot be ruled out. 
 

Gold daily chart

 
XAU/USD is trading in an uptrend above the main daily simple moving averages (SMAs) as the market is trading in seven-year’s highs. 
 

Gold four-hour chart

 
Gold has been easing from the 2020 top while trading above the main SMAs on the four-hour chart. While the trend is bullish a deeper correction down cannot be ruled out. A daily close below the 1638 support can lead to further retracements down towards 1627.86 and 1622.74 levels. Resistance can be expected near the 1650.00, 1655.00 and 1661.00 levels.
  
  

Additional key levels

XAU/USD

Overview
Today last price 1640.79
Today Daily Change 4.56
Today Daily Change % 0.28
Today daily open 1636.23
 
Trends
Daily SMA20 1592.16
Daily SMA50 1560.88
Daily SMA100 1519.4
Daily SMA200 1479.88
 
Levels
Previous Daily High 1655.06
Previous Daily Low 1624.96
Previous Weekly High 1649.32
Previous Weekly Low 1578.88
Previous Monthly High 1611.53
Previous Monthly Low 1517.1
Daily Fibonacci 38.2% 1643.56
Daily Fibonacci 61.8% 1636.46
Daily Pivot Point S1 1622.44
Daily Pivot Point S2 1608.65
Daily Pivot Point S3 1592.34
Daily Pivot Point R1 1652.54
Daily Pivot Point R2 1668.85
Daily Pivot Point R3 1682.64

 

 

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