Gold Price Analysis: XAU/USD bounces from 2020 lows, hovering near $1600/oz

XAU/USD rose considerably last week as the Fed announced a limitless bond-buying scheme.
The level to beat for bulls is the 1636 level.

Flavio Tosti Independent Analyst

XAU/USD daily chart

The yellow metal is consolidating the recent bullish breakout while remaining confined in the 1600/1640 price range as traders are looking for a direction.

XAU/USD four-hour chart

The bullion is trading in a very tight range above the 1614 support level and the main SMAs on the four-hour chart suggesting an upward bias in the medium term. Bulls remain in control as they can be setting up for break of the 1636 resistance en route to the 1660 level and 1700 figure if XAU/USD gathers enough steam. Support can emerge near 1614, 1600 and 1560 levels.

Resistance: 1636, 1660, 1700

Support: 1614, 1600, 1560

Additional key levels

XAU/USD

Overview
Today last price	1620.71
Today Daily Change	-5.95
Today Daily Change %	-0.37
Today daily open	1626.66

Trends
Daily SMA20	1591.73
Daily SMA50	1588.7
Daily SMA100	1541.74
Daily SMA200	1509.29

Levels
Previous Daily High	1632.35
Previous Daily Low	1614.45
Previous Weekly High	1644.54
Previous Weekly Low	1482.74
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1621.29
Daily Fibonacci 61.8%	1625.51
Daily Pivot Point S1	1616.62
Daily Pivot Point S2	1606.59
Daily Pivot Point S3	1598.72
Daily Pivot Point R1	1634.52
Daily Pivot Point R2	1642.39
Daily Pivot Point R3	1652.42

Author

Flavio Tosti

Independent Analyst

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