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  • XAU/USD is in consolidation mode after hitting multi-year highs.
  • A deeper correction cannot be ruled out.

Gold daily chart

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

Gold four-hour chart

After the spike to the 1700.00 mark, gold is pulling back down while trading above its main SMAs. Buyers could be losing steam as XAU/USD printed a double top/higher high with the February highs which the metal will have to overcome. Support could be expected in the 1650/1640 price zone, according to the Technical Confluences Indicator.
Resistance: 1670, 1680, 1694
Support: 1650, 1640, 1610

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