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  • XAU/USD is ending the New York session on its low tick. 
  • Further weakness can be expected in the medium term. 

XAU/USD daily chart

Gold is trading in a bull trend above the main SMAs while easing from multi-year highs. XAU/USD is retracing down as investors are expecting some fiscal stimulus in the US to counter the economic damage of the COVID-19.  

XAU/USD four-hour chart

The precious metal broke below the 1650/1640 support zone and the 50/100 SMAs on the four-hour chart. As bulls lost considerable momentum the market could potentially extend losses towards the 1610 and 1590 levels. Resistance can be expected in the 1650/1640 price zone. 
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