Gold Price Analysis: XAU/USD trading at a stone throw from 2020 highs

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  • XAU/USD is consolidating gains while trading a few ticks away from the 2020 high. 
  • The level to beat for bulls is the 1612.53 resistance.
 

Gold daily chart

 
XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs). Gold is challenging the 2020 high near the 1611.53 level. 
 

Gold four-hour chart

 
XAU/USD is challenging the 2020 highs. Bulls want to extend gains, however, the market needs to overcome the 1612.53 resistance in order to travel north towards 1620.89 and 1626.00 resistance levels. On the flip side, pullbacks down may find support near the 1605.84, 1596.00 and 1590.80 levels, according to the Technical Confluences Indicator. 
 
 
Resistance: 1612.53, 1620.89, 1626.00
Support: 1605.84, 1596.00, 1590.80
 

Additional key levels

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