Gold Price Analysis: Gold is shining as risk sentiment sours

Gold is nearly 2% higher on the session as stocks sell-off and the USD weakens.
There is a key resistance nearby if the bulls can manage to keep up this momentum.

Rajan Dhall, MSTA FX Daily

XAU/USD 4-Hour Chart

On the chart below you can see a big broadening pattern.

Gold is heading to the top of the pattern but there are some levels in the way.

$1,689.40 per ounce is one of those big levels that would need to be broken.

USD/JPY has fallen along with stocks to confirm this is a decent risk-off move.

If the level mentioned above does break then that would take gold to a price not seen since January 2013.

Traders are keeping a close eye on coronavirus headline to keep the bull run going.

Additonal levels

XAU/USD

Overview
Today last price	1668.36
Today Daily Change	29.90
Today Daily Change %	1.82
Today daily open	1638.46

Trends
Daily SMA20	1603.32
Daily SMA50	1573.64
Daily SMA100	1525.68
Daily SMA200	1488.21

Levels
Previous Daily High	1652.96
Previous Daily Low	1631.93
Previous Weekly High	1689.4
Previous Weekly Low	1562.94
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1644.93
Daily Fibonacci 61.8%	1639.96
Daily Pivot Point S1	1629.27
Daily Pivot Point S2	1620.09
Daily Pivot Point S3	1608.24
Daily Pivot Point R1	1650.3
Daily Pivot Point R2	1662.15
Daily Pivot Point R3	1671.33

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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