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Gold Price Analysis: XAU/USD loses the 1600 mark as bears drive gold to four-day lows

  • XAU/USD had a massive bull-run last week as the Fed announced no limit to its bond-buying scheme.
  • XAU/USD is breaking below the 1600 mark.
 

XAU/USD daily chart

 
XAU/USD is consolidating the bullish run stemming from 2020 lows while challenging the 50 DMA (daily simple moving average). 

XAU/USD four-hour chart

 
Bears seem to have taken over as the market is losing the 1600 support and the 200 SMA. A daily close below the 1600 mark could be seen as bearish with a potential decline towards the 1560 and 1520 levels in the medium term. Resistances are seen near the 1600, 1614 and 1636 levels on the way up.
   

Additional key levels

XAU/USD

Overview
Today last price 1591.57
Today Daily Change -30.99
Today Daily Change % -1.91
Today daily open 1622.56
 
Trends
Daily SMA20 1593.57
Daily SMA50 1589.94
Daily SMA100 1543.41
Daily SMA200 1510.31
 
Levels
Previous Daily High 1636.13
Previous Daily Low 1611.74
Previous Weekly High 1644.54
Previous Weekly Low 1482.74
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1621.06
Daily Fibonacci 61.8% 1626.81
Daily Pivot Point S1 1610.82
Daily Pivot Point S2 1599.09
Daily Pivot Point S3 1586.43
Daily Pivot Point R1 1635.21
Daily Pivot Point R2 1647.87
Daily Pivot Point R3 1659.6

 

 

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