Gold New York Price Forecast: XAU/USD sidelined near $1600/oz

  • XAU/USD spiked up last week as the Fed announced no limit to its bond-buying program.
  • XAU/USD is consolidating above the 1600 mark.

XAU/USD daily chart

XAU/USD is consolidating the bullish spike from 2020 lows while remaining trapped in the 1600/1640 price range as investors are searching for a direction.

XAU/USD four-hour chart

XAU/USD is trading in a tight range in the 1600/1614 support zone above the 200 SMA on the four-hour chart suggesting an upward bias in the medium term. Buyers stay in control as a break of 1636 resistance can lead to 1660 level and 1700 figure if gold gathers enough momentum. Support can be expected near 1600 and 1560 levels. 

Additional key levels


Today last price 1609.87
Today Daily Change -12.69
Today Daily Change % -0.78
Today daily open 1622.56
Daily SMA20 1593.57
Daily SMA50 1589.94
Daily SMA100 1543.41
Daily SMA200 1510.31
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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