Gold Price Analysis: XAU/USD trading off fresh 2020 highs

XAU/USD is consolidating gains after hitting fresh 2020 highs.
The level to beat for bulls is the 1622.41 resistance.

Flavio Tosti Independent Analyst

Gold daily chart

XAU/USD is trading in a bull trend above the main daily simple moving averages (SMAs) while breaking above the ascending channel. Gold is printing fresh 2020 highs hitting $1623.79 per ounce on an intraday basis.

Gold four-hour chart

XAU/USD is retreating slightly after hitting a fresh 2020 high. Buyers want to extend gains by breaking above 1622.41 resistance and travel north towards 1627.46 and 1632.00 resistance levels. On the flip side, the retracement down might find support near the 1618.00, 1612.30 and 1604.00 levels, according to the Technical Confluences Indicator.

Resistance: 1622.41, 1627.46, 1632.00

Support: 1618.00, 1612.30, 1604.00

Additional key levels

XAU/USD

Overview
Today last price	1616.8
Today Daily Change	3.83
Today Daily Change %	0.24
Today daily open	1612.97

Trends
Daily SMA20	1575.88
Daily SMA50	1544.59
Daily SMA100	1512.65
Daily SMA200	1470.88

Levels
Previous Daily High	1613
Previous Daily Low	1599.56
Previous Weekly High	1584.36
Previous Weekly Low	1561.99
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1607.87
Daily Fibonacci 61.8%	1604.69
Daily Pivot Point S1	1604.02
Daily Pivot Point S2	1595.07
Daily Pivot Point S3	1590.58
Daily Pivot Point R1	1617.46
Daily Pivot Point R2	1621.95
Daily Pivot Point R3	1630.9

Author

Flavio Tosti

Independent Analyst

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