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  • After recording its largest weekly decline since 1983 last week, XAU/USD is consolidating.
  • XAU/USD is consolidative in the medium term. 
  • The level to beat for bears is the 1470 support.

XAU/USD daily chart

Last week, XAU/USD had the worst weekly decline since 1983, erasing the 2020 advance while challenging the 200 SMA on the daily chart. XAU/USD is consolidating the losses below $1500 per troy ounce.

XAU/USD four-hour chart

XAU/USD is consolidating the selloff near 1500 while trading well below its main SMAs suggesting an overall bearish momentum in the medium term. A break below the 1470 level can send the metal down towards the 1440 and 1420 price levels while bulls will try to defend the 1470 level. Resistance is seen near the 1490/50 zone and 1530 price levels.   
Resistance: 1490, 1500, 1530
Support: 1470, 1440, 1420

Additional key levels