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Gold Price Analysis: XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

  • XAU/USD is on fire printing fresh 2020 highs into Friday.
  • The level to beat for buyers is the 1648.36 resistance.
 

Gold daily chart

 
XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  
 

Gold four-hour chart

 
Gold is spiking up breaking several resistance levels. As the buyers are being relentless, XAU/USD is about to challenge the 1648.36 resistance. A break above the above-mentioned level is likely to lead to further gains towards the 1660.00 and 1675.00 resistance levels. On the flip side, the retracement down might find support near the 1636.40, 1632.98 and 1627.85, according to the Technical Confluences Indicator. 
 
 
 
Resistance: 1648.36, 1660.00, 1675.00 
Support: 1636.40, 1632.98, 1627.85
 

Additional key levels

 

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