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6 Apr 2020
Gold Price Analysis: XAU/USD trades in three-week’s highs around $1650/oz
- XAU/USD starts the week by beaking to three-week’s highs.
- The level to beat for bulls is the 1660 resistance.
XAU/USD daily chart
Gold is trading in three-week’s highs while above its main DMA (daily simple moving average) suggesting that bulls remain in control of the market.
XAU/USD four-hour chart
Gold is trading above the main SMAs while nearing the 1660 resistance as bulls would need a break above the above-mentioned level to extend the current bullish move which would introduce potential scope for an extension to the 1690/1700 resistance zone on the way up. On the flip side, support can be seen near the 1620, 1600 and 1570 levels.
Additional key levels