Gold Price Analysis: XAU/USD loses the 1600 mark as bears drive gold to four-day lows

XAU/USD had a massive bull-run last week as the Fed announced no limit to its bond-buying scheme.
XAU/USD is breaking below the 1600 mark.

Flavio Tosti Independent Analyst

XAU/USD daily chart

XAU/USD is consolidating the bullish run stemming from 2020 lows while challenging the 50 DMA (daily simple moving average).

XAU/USD four-hour chart

Bears seem to have taken over as the market is losing the 1600 support and the 200 SMA. A daily close below the 1600 mark could be seen as bearish with a potential decline towards the 1560 and 1520 levels in the medium term. Resistances are seen near the 1600, 1614 and 1636 levels on the way up.

Additional key levels

XAU/USD

Overview
Today last price	1591.57
Today Daily Change	-30.99
Today Daily Change %	-1.91
Today daily open	1622.56

Trends
Daily SMA20	1593.57
Daily SMA50	1589.94
Daily SMA100	1543.41
Daily SMA200	1510.31

Levels
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

Author

Flavio Tosti

Independent Analyst

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