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  • XAU/USD bulls remain in control, trading near $1723/oz ahead of Asia.
  • The level to beat for buyers is the 1740 resistance.

XAU/USD daily chart

After breaking to fresh 2020 highs, this Wednesday XAU/USD had a modest consolidation day while trading above the main DMAs (daily simple moving averages) suggesting that bulls remain in full control of this market. 

XAU/USD four-hour chart

XAU/USD is trading above the main SMAs, making higher highs and lows while holding above the 1690/1700 support zone as buyers are eyeing the 1740 and 1780/1800 levels to the upside. On the flip side, support can be seen near the 1690/1700 price zone and the 1660 level on any retracement down.

Additional key levels