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Gold Price Analysis: XAU/USD tumbles to fresh 2020 lows amid stock market crash, nearing $1500/oz

  • XAU/USD is about to end the London session near 2020 lows. 
  • Further weakness could be expected in the short term. 
 
 

XAU/USD daily chart

 
Gold is trading in a bull trend above the main SMAs however the metal is retracing down sharply from the 2020 tops, now challenging the 1540 level and the 100 SMA on the daily chart. Gold is trading down as stock markets worldwide suffered one the worst week in history.
 
 

XAU/USD four-hour chart

 
The precious metal broke below the 1548/1557 support zone and the main SMAs on the four-hour chart. As bears are in control the metal could potentially extend losses towards the 1500 and 1480 levels. Resistance can be expected in the 1548/1557 price zone. 
 
 
Resistance: 1548, 1557, 1585
Support: 1530, 1500, 1480
 

Additional key levels

XAU/USD

Overview
Today last price 1544.08
Today Daily Change -32.46
Today Daily Change % -2.06
Today daily open 1576.54
 
Trends
Daily SMA20 1626.64
Daily SMA50 1589.41
Daily SMA100 1535.07
Daily SMA200 1498.11
 
Levels
Previous Daily High 1650.6
Previous Daily Low 1560.74
Previous Weekly High 1692.34
Previous Weekly Low 1575.58
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1595.07
Daily Fibonacci 61.8% 1616.27
Daily Pivot Point S1 1541.32
Daily Pivot Point S2 1506.1
Daily Pivot Point S3 1451.46
Daily Pivot Point R1 1631.18
Daily Pivot Point R2 1685.82
Daily Pivot Point R3 1721.04

 

 

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