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Gold Price Analysis: XAU/USD on the rise, hits $1600/oz

  • XAU/USD bulls are eying at the 2020 highs. 
  • Buyers' short term targets can be located near the 1610.30 and 1614.31 levels.

Gold daily chart

XAU/USD is trading in a bull trend above the main daily simple moving averages (SMAs). Gold is rising in a bullish channel as the market is nearing $1600 per ounce.

Gold four-hour chart

XAU/USD is trading above the 1576.75 support and the main SMAs on the four-hour chart, suggesting a bullish momentum in the medium term. As buyers are in control, the market can try to climb to the 1590.05 and 1595.00 price levels. On the flip side, pullbacks down may find support near the 1576.88, 1571.94 and 1565.36 levels, according to the Technical Confluences Indicator.   
Resistance: 1599.35, 1610.30, 1614.31
Support: 1589.38, 1584.39, 1579.40

Additional key levels


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