Gold Price Analysis: XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is on fire printing fresh 2020 highs into Friday.
The level to beat for buyers is the 1648.36 resistance.

Flavio Tosti Independent Analyst

Gold daily chart

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.

Gold four-hour chart

Gold is spiking up breaking several resistance levels. As the buyers are being relentless, XAU/USD is about to challenge the 1648.36 resistance. A break above the above-mentioned level is likely to lead to further gains towards the 1660.00 and 1675.00 resistance levels. On the flip side, the retracement down might find support near the 1636.40, 1632.98 and 1627.85, according to the Technical Confluences Indicator.

Resistance: 1648.36, 1660.00, 1675.00

Support: 1636.40, 1632.98, 1627.85

Additional key levels

XAU/USD

Overview
Today last price	1648.42
Today Daily Change	28.77
Today Daily Change %	1.78
Today daily open	1619.65

Trends
Daily SMA20	1578.73
Daily SMA50	1547.59
Daily SMA100	1513.8
Daily SMA200	1472.55

Levels
Previous Daily High	1623.79
Previous Daily Low	1603.94
Previous Weekly High	1584.36
Previous Weekly Low	1561.99
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1616.21
Daily Fibonacci 61.8%	1611.52
Daily Pivot Point S1	1607.8
Daily Pivot Point S2	1595.94
Daily Pivot Point S3	1587.95
Daily Pivot Point R1	1627.65
Daily Pivot Point R2	1635.64
Daily Pivot Point R3	1647.5

Author

Flavio Tosti

Independent Analyst

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