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Gold Price Analysis: XAU/USD trading in seven-year’s high, nearing $1700/oz

  • XAU/USD is unstoppable printing fresh 2020 highs as the week is kicking off.
  • The level to beat for buyers is the 1690/70 resistance zone. 
 

Gold daily chart

 
XAU/USD is trading in strong bull trend above the main daily simple moving averages (SMAs) as Gold is printing fresh 2020 highs hitting $1689.40 per ounce on an intraday basis.  
 

Gold four-hour chart

 
Gold is spiking to the upside as the market is trading weel above the SMAs. The market remains one-sided with bulls firmly in control. The market is looking to extend its gains above the 1690/1700 resistance zone en route toward the 1720 level. Support is seen near the 1660, 1640 and 1610 levels. 
  
  

Additional key levels

 

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