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Gold Price Analysis: XAU/USD trading off fresh 2020 highs

  • XAU/USD is consolidating gains after hitting fresh 2020 highs.
  • The level to beat for bulls is the 1622.41 resistance.
 

Gold daily chart

 
XAU/USD is trading in a bull trend above the main daily simple moving averages (SMAs) while breaking above the ascending channel. Gold is printing fresh 2020 highs hitting $1623.79 per ounce on an intraday basis.  
 

Gold four-hour chart

 
XAU/USD is retreating slightly after hitting a fresh 2020 high. Buyers want to extend gains by breaking above 1622.41 resistance and travel north towards 1627.46 and 1632.00 resistance levels. On the flip side, the retracement down might find support near the 1618.00, 1612.30 and 1604.00 levels, according to the Technical Confluences Indicator. 
 
 
Resistance: 1622.41, 1627.46, 1632.00
Support: 1618.00, 1612.30, 1604.00
 

Additional key levels

 

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