- XAU/USD is sidelined above $1700 per ounce as the US GDP contracts 4.8% in the first quarter.
- The level to beat for buyers remains the 1740 resistance.
XAU/USD four-hour chart
XAU/USD is consolidating the advance started in mid-March as the metal stays above the 100/200 SMAs on the four-hour chart. XAU/USD keeps a strong bullish momentum as buyers are still looking for a break above the 1740.00 level on a daily closing basis which should open the gates toward the 1740 and 1780/1800 resistance zone. Conversely, support should emerge near 1700/1690 price level for the medium-term and further down lies the 1660 level. Freshly released the US GDP came in worse-than-anticipated contracting 4.8% in the first quarter of this year.
Additional key levels
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