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Gold Price Analysis: XAU/USD trading at a stone throw from 2020 highs

  • XAU/USD is consolidating gains while trading a few ticks away from the 2020 high. 
  • The level to beat for bulls is the 1612.53 resistance.
 

Gold daily chart

 
XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs). Gold is challenging the 2020 high near the 1611.53 level. 
 

Gold four-hour chart

 
XAU/USD is challenging the 2020 highs. Bulls want to extend gains, however, the market needs to overcome the 1612.53 resistance in order to travel north towards 1620.89 and 1626.00 resistance levels. On the flip side, pullbacks down may find support near the 1605.84, 1596.00 and 1590.80 levels, according to the Technical Confluences Indicator. 
 
 
Resistance: 1612.53, 1620.89, 1626.00
Support: 1605.84, 1596.00, 1590.80
 

Additional key levels

XAU/USD

Overview
Today last price 1606.6
Today Daily Change 3.82
Today Daily Change % 0.24
Today daily open 1602.78
 
Trends
Daily SMA20 1573.17
Daily SMA50 1541.84
Daily SMA100 1511.52
Daily SMA200 1469.31
 
Levels
Previous Daily High 1605.15
Previous Daily Low 1580.95
Previous Weekly High 1584.36
Previous Weekly Low 1561.99
Previous Monthly High 1611.53
Previous Monthly Low 1517.1
Daily Fibonacci 38.2% 1595.91
Daily Fibonacci 61.8% 1590.19
Daily Pivot Point S1 1587.44
Daily Pivot Point S2 1572.09
Daily Pivot Point S3 1563.24
Daily Pivot Point R1 1611.64
Daily Pivot Point R2 1620.49
Daily Pivot Point R3 1635.84

 

 

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