- XAU/USD is in consolidation mode after hitting multi-year highs.
- A deeper correction cannot be ruled out.
Gold daily chart
XAU/USD is off multi-year highs while trading above its main daily simple moving averages (SMAs). The metal formed a double top/higher high and is retracing down.
Gold four-hour chart
After the spike to the 1700.00 mark, gold is pulling back down while trading above its main SMAs. Buyers could be losing steam as XAU/USD printed a double top/higher high with the February highs which the metal will have to overcome. Support could be expected in the 1650/1640 price zone, according to the Technical Confluences Indicator.
Resistance: 1670, 1680, 1694
Support: 1650, 1640, 1610
Additional key levels