Gold Price Analysis: XAU/USD trading off 2020 highs, holding above $1700/oz

XAU/USD is starting the week with a modest push lower.
The level to beat for bulls remains the 1740 resistance.

Flavio Tosti Independent Analyst

XAU/USD daily chart

Gold is trading just below the 2020 high while holding well above the main SMAs (simple moving averages) on the daily chart, suggesting a bullish bias in the long term.

XAU/USD four-hour chart

XAU/USD is consolidating the last bullish leg while trading above the main SMAs on the four-hour chart. Although the market didn’t reach the last swing high near 1748, XAU/USD maintains a strong bullish momentum as bulls are still eyeing a break above the 1740.00 level on a daily closing basis which could open the doors toward the 1740 and 1780/1800 resistance zone. On the flip side, support is expected to hold near 1700/1690 price level in the medium-term. Further down lies the 1660 level.

Additional key levels

XAU/USD

Overview
Today last price	1712.41
Today Daily Change	-16.23
Today Daily Change %	-0.94
Today daily open	1728.64

Trends
Daily SMA20	1669.97
Daily SMA50	1627.82
Daily SMA100	1581.03
Daily SMA200	1533.99

Levels
Previous Daily High	1736.52
Previous Daily Low	1710.68
Previous Weekly High	1739
Previous Weekly Low	1661.18
Previous Monthly High	1703.27
Previous Monthly Low	1451.3
Daily Fibonacci 38.2%	1720.55
Daily Fibonacci 61.8%	1726.65
Daily Pivot Point S1	1714.04
Daily Pivot Point S2	1699.44
Daily Pivot Point S3	1688.2
Daily Pivot Point R1	1739.88
Daily Pivot Point R2	1751.12
Daily Pivot Point R3	1765.72

Author

Flavio Tosti

Independent Analyst

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