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  • XAU/USD is consolidating gains after reaching fresh multi-year highs.
  • The level to beat for buyers is the 1702.71 level. 

Gold daily chart

XAU/USD is trading close to multi-year highs while above its main daily simple moving averages (SMAs). The yellow metal hit a new 2020 high amid increasing Coronavirus fears. Prime Minister Conte stated that all Italy is now ‘protected zone’.

Gold four-hour chart

After reaching the 1700.00 mark, XAU/USD is consolidating gains while trading above its main SMAs. Buyers stay in control although the metal arguably formed a double top/higher high with the February highs which bulls have now to overcome. Support should be expected in the 1674.72/1663.00 price zone, according to the Technical Confluences Indicator.
Resistance: 1683.46, 1690.46, 1702.71
Support: 1674.72, 1670.00, 1663.00

Additional key levels