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.
 

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

 

 

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