Gold Price Analysis: XAU/USD bounces and challenges $1615/oz

XAU/USD consolidates after the massive bull-run seen in the last weeks.
XAU/USD regains the 1600 mark after a short-lived dip below it.

Flavio Tosti Independent Analyst

XAU/USD daily chart

Gold is consolidating the bull-run stemming from the 2020 lows while trading above the main DMA (daily simple moving average).

XAU/USD four-hour chart

After a short-lived dip below the 1600 mark the bullion is back above the level and the main SMAs on the four-hour chart suggesting bullish momentum in the medium term. If buyers overcome 1615 resistance the market could appreciate further towards 1640 and possibly to the 1670 level while immediate support can emerge near 1600 and 1570 levels.

Additional key levels

XAU/USD

Overview
Today last price	1610.58
Today Daily Change	19.67
Today Daily Change %	1.24
Today daily open	1590.91

Trends
Daily SMA20	1588.29
Daily SMA50	1590.96
Daily SMA100	1545.87
Daily SMA200	1511.99

Levels
Previous Daily High	1600.7
Previous Daily Low	1568.46
Previous Weekly High	1644.54
Previous Weekly Low	1482.74
Previous Monthly High	1703.27
Previous Monthly Low	1451.3
Daily Fibonacci 38.2%	1588.38
Daily Fibonacci 61.8%	1580.78
Daily Pivot Point S1	1572.68
Daily Pivot Point S2	1554.45
Daily Pivot Point S3	1540.44
Daily Pivot Point R1	1604.92
Daily Pivot Point R2	1618.93
Daily Pivot Point R3	1637.16

Author

Flavio Tosti

Independent Analyst

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