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Gold Price Analysis: XAU/USD off multi-year highs, trades near $1660/oz

XAU/USD is in consolidation mode after hitting multi-year highs.
A deeper correction cannot be ruled out.

Flavio Tosti Independent Analyst

Gold daily chart

XAU/USD is off multi-year highs while trading above its main daily simple moving averages (SMAs). The metal formed a double top/higher high and is retracing down.

Gold 4-hour chart

After the spike to the 1700.00 mark, gold is pulling back down while trading above its main SMAs. Buyers could be losing steam as XAU/USD printed a double top/higher high with the February highs which the metal will have to overcome. Support could be expected in the 1650/1640 price zone, according to the Technical Confluences Indicator.

Resistance: 1670, 1680, 1694

Support: 1650, 1640, 1610

Additional key levels

XAU/USD

Overview

Today last price

1657.6

Today Daily Change

8.37

Today Daily Change %

0.51

Today daily open

1649.23

Trends

Daily SMA20

1623.25

Daily SMA50

1586.1

Daily SMA100

1532.91

Daily SMA200

1495.38

Levels

Previous Daily High

1680.76

Previous Daily Low

1641.98

Previous Weekly High

1692.34

Previous Weekly Low

1575.58

Previous Monthly High

1689.4

Previous Monthly Low

1547.56

Daily Fibonacci 38.2%

1656.79

Daily Fibonacci 61.8%

1665.95

Daily Pivot Point S1

1633.89

Daily Pivot Point S2

1618.54

Daily Pivot Point S3

1595.11

Daily Pivot Point R1

1672.67

Daily Pivot Point R2

1696.1

Daily Pivot Point R3

1711.45

Author

Flavio Tosti

Independent Analyst

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