Gold Price Analysis: XAU/USD easing from 2020 highs, trades near $1640.00/oz

XAU/USD is consolidating gains below the 1660.00 level.
Support is seen in the 1640.40/1622.00 band.

Flavio Tosti Independent Analyst

Gold daily chart

XAU/USD is trading in a bull trend above its main daily simple moving averages (SMAs) as the market is pulling back down from 2020 highs established two days ago.

Gold four-hour chart

Gold is consolidating the recent gains while trading above the main SMAs on the four-hour chart. Bears want a daily close below the 1640.40 level to extend to bear move towards the 1622.00 and 1600.00 price levels. On the other hand, bulls would gain momentum on a break above the 1660.00 level en route towards the 1692.00 and 1700.00 resistances.

Resistance: 1660.00, 1692.00, 1700.00

Support: 1640.40, 1622.00, 1600.00

Additional key levels

XAU/USD

Overview
Today last price	1639.32
Today Daily Change	9.51
Today Daily Change %	0.58
Today daily open	1629.81

Trends
Daily SMA20	1589.2
Daily SMA50	1557.67
Daily SMA100	1518.09
Daily SMA200	1478.06

Levels
Previous Daily High	1663.94
Previous Daily Low	1625.12
Previous Weekly High	1649.32
Previous Weekly Low	1578.88
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1639.95
Daily Fibonacci 61.8%	1649.11
Daily Pivot Point S1	1615.31
Daily Pivot Point S2	1600.8
Daily Pivot Point S3	1576.49
Daily Pivot Point R1	1654.13
Daily Pivot Point R2	1678.44
Daily Pivot Point R3	1692.95

Author

Flavio Tosti

Independent Analyst

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