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Gold Price Analysis: XAU/USD off multi-year highs, trades near $1660/oz

  • XAU/USD is in consolidation mode after hitting multi-year highs.
  • A deeper correction cannot be ruled out.
 

Gold daily chart

 
XAU/USD is off multi-year highs while trading above its main daily simple moving averages (SMAs). The metal formed a double top/higher high and is retracing down.
 

Gold 4-hour chart

 
After the spike to the 1700.00 mark, gold is pulling back down while trading above its main SMAs. Buyers could be losing steam as XAU/USD printed a double top/higher high with the February highs which the metal will have to overcome. Support could be expected in the 1650/1640 price zone, according to the Technical Confluences Indicator.
 
 
Resistance: 1670, 1680, 1694
Support: 1650, 1640, 1610
  
  

Additional key levels

XAU/USD

Overview
Today last price 1657.6
Today Daily Change 8.37
Today Daily Change % 0.51
Today daily open 1649.23
 
Trends
Daily SMA20 1623.25
Daily SMA50 1586.1
Daily SMA100 1532.91
Daily SMA200 1495.38
 
Levels
Previous Daily High 1680.76
Previous Daily Low 1641.98
Previous Weekly High 1692.34
Previous Weekly Low 1575.58
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1656.79
Daily Fibonacci 61.8% 1665.95
Daily Pivot Point S1 1633.89
Daily Pivot Point S2 1618.54
Daily Pivot Point S3 1595.11
Daily Pivot Point R1 1672.67
Daily Pivot Point R2 1696.1
Daily Pivot Point R3 1711.45

 

 

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