Gold Price News and Forecast: XAU/USD is consolidating gains below the 1660.00 level

Yohay Elam FXStreet

Gold Price Analysis: XAU/USD easing from 2020 highs, trades near $1640.00/oz

Gold daily chart

XAU/USD is trading in a bull trend above its main daily simple moving averages (SMAs) as the market is pulling back down from 2020 highs established two days ago.

Gold: Investors buying the safe-haven asset amid coronavirus outbreak

The gold futures lost 1.59% on Tuesday, as it erased its Monday’s rally. The price of gold has also retraced most of Friday’s advance, before closing 23 dollars above the daily low. It clearly shows how high short-term volatility is. Investors were buying the safe-haven asset amid corona virus outbreak, economic slowdown fears recently. But gold is retracing a big chunk of that rally after bouncing off $1,700 mark.

XAU/USD

Overview
Today last price	1648.78
Today Daily Change	18.97
Today Daily Change %	1.16
Today daily open	1629.81

Trends
Daily SMA20	1589.2
Daily SMA50	1557.67
Daily SMA100	1518.09
Daily SMA200	1478.06

Levels
Previous Daily High	1663.94
Previous Daily Low	1625.12
Previous Weekly High	1649.32
Previous Weekly Low	1578.88
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1639.95
Daily Fibonacci 61.8%	1649.11
Daily Pivot Point S1	1615.31
Daily Pivot Point S2	1600.8
Daily Pivot Point S3	1576.49
Daily Pivot Point R1	1654.13
Daily Pivot Point R2	1678.44
Daily Pivot Point R3	1692.95

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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