XAU/USD is in consolidation mode after suffering its worst weekly decline since 1983 the week before. Sideways price action can be expected in the short term. XAU/USD weekly chart Last week, gold registered the worst weekly decline since 1983, erasing the early 2020 spike up while now challenging the 50 WMA (weekly simple moving average) on the weekly chart. XAU/USD keeps consolidating losses near $1500 per troy ounce. XAU/USD four-hour chart A consolidation is taking place following the selloff as the metal is trading well below its main SMAs suggesting an overall bearish momentum in the medium term. The metal remains vulnerable to the downside to the1488, 1477 and 1460 levels which bulls might attempt to defend. On the flip side, bullish attempts could lose steam near 1505, 1520 and 1540 price levels. Resistance: 1505, 1520, 1540 Support: 1488, 1477, 1460 Additional key levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Latest CoT report data shows short positions are still out in front FX Street 2 years XAU/USD is in consolidation mode after suffering its worst weekly decline since 1983 the week before. Sideways price action can be expected in the short term. XAU/USD weekly chart Last week, gold registered the worst weekly decline since 1983, erasing the early 2020 spike up while now challenging the 50 WMA (weekly simple moving average) on the weekly chart. XAU/USD keeps consolidating losses near $1500 per troy ounce. XAU/USD four-hour chart A consolidation is taking place following the selloff as the metal is trading well below its main SMAs suggesting an overall bearish momentum in the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
