Gold Price Analysis: XAU/USD trading at a stone throw from 2020 highs

XAU/USD is consolidating gains while trading a few ticks away from the 2020 high.
The level to beat for bulls is the 1612.53 resistance.

Flavio Tosti Independent Analyst

Gold daily chart

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs). Gold is challenging the 2020 high near the 1611.53 level.

Gold four-hour chart

XAU/USD is challenging the 2020 highs. Bulls want to extend gains, however, the market needs to overcome the 1612.53 resistance in order to travel north towards 1620.89 and 1626.00 resistance levels. On the flip side, pullbacks down may find support near the 1605.84, 1596.00 and 1590.80 levels, according to the Technical Confluences Indicator.

Resistance: 1612.53, 1620.89, 1626.00

Support: 1605.84, 1596.00, 1590.80

Additional key levels

XAU/USD

Overview
Today last price	1606.6
Today Daily Change	3.82
Today Daily Change %	0.24
Today daily open	1602.78

Trends
Daily SMA20	1573.17
Daily SMA50	1541.84
Daily SMA100	1511.52
Daily SMA200	1469.31

Levels
Previous Daily High	1605.15
Previous Daily Low	1580.95
Previous Weekly High	1584.36
Previous Weekly Low	1561.99
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1595.91
Daily Fibonacci 61.8%	1590.19
Daily Pivot Point S1	1587.44
Daily Pivot Point S2	1572.09
Daily Pivot Point S3	1563.24
Daily Pivot Point R1	1611.64
Daily Pivot Point R2	1620.49
Daily Pivot Point R3	1635.84

Author

Flavio Tosti

Independent Analyst

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