Gold Price Analysis: XAU/USD on the rise, hits $1600/oz

XAU/USD bulls are eying at the 2020 highs.
Buyers' short term targets can be located near the 1610.30 and 1614.31 levels.

Flavio Tosti Independent Analyst

Gold daily chart

XAU/USD is trading in a bull trend above the main daily simple moving averages (SMAs). Gold is rising in a bullish channel as the market is challenging $1600 per ounce.

Gold four-hour chart

XAU/USD is breaking above the 1600 mark. Bulls want to extend gains towards 1610.30 and 1614.31 resistance levels as bulls remain firmly in control. On the flip side, pullbacks down may find support near the 1589.38, 1584.39 and 1579.40 levels, according to the Technical Confluences Indicator.

Resistance: 1599.35, 1610.30, 1614.31

Support: 1589.38, 1584.39, 1579.40

Additional key levels

XAU/USD

Overview
Today last price	1600.81
Today Daily Change	19.86
Today Daily Change %	1.26
Today daily open	1580.95

Trends
Daily SMA20	1570.97
Daily SMA50	1539.07
Daily SMA100	1510.29
Daily SMA200	1467.78

Levels
Previous Daily High	1583.84
Previous Daily Low	1578.88
Previous Weekly High	1584.36
Previous Weekly Low	1561.99
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1580.77
Daily Fibonacci 61.8%	1581.95
Daily Pivot Point S1	1578.61
Daily Pivot Point S2	1576.26
Daily Pivot Point S3	1573.65
Daily Pivot Point R1	1583.57
Daily Pivot Point R2	1586.18
Daily Pivot Point R3	1588.53

Author

Flavio Tosti

Independent Analyst

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