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  • XAU/USD is consolidating gains after hitting multi-year highs.
  • A deeper correction can be on the cards.
 

Gold daily chart

 
XAU/USD is trading off multi-year highs while above the main daily simple moving averages (SMAs). The market formed a double top/higher high and is retracing down.
 

Gold four-hour chart

 
Following the run to the 1700.00 mark, XAU/USD is retracing down while trading above the main SMAs. Buyers are losing the grip as gold printed a double top/higher high with the February highs which the market will have to overcome. Support should be expected in the 1650/1640.00 price zone, according to the Technical Confluences Indicator.
 
 
Resistance: 1670, 1680.00, 1694.00
Support: 1650.00, 1640.00, 1610.00
  
  

Additional key levels

 

Expert score

5

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