Mar 9, 2020
Gold New York Price Analysis: XAU/USD consolidates gains after hitting 1700.00 mark and multi-year highs
- XAU/USD consolidates gains after hitting fresh 2020 highs.
- The level to beat for bulls is the 1702.71 level.
Gold daily chart
XAU/USD is trading near multi-year highs while above the main daily simple moving averages (SMAs). The metal reached a new 2020 high amid growing Coronavirus concerns in Italy.
Gold four-hour chart
After hitting the 1700.00 mark, XAU/USD is consolidating the gains while trading above the main SMAs. Bulls remain in control although the market arguably created a double top with the February highs that bulls will have to overcome. At press time, support can be expected in the 1674.72/1663.00 price zone, according to the Technical Confluences Indicator.
Resistance: 1683.46, 1690.46, 1702.71
Support: 1674.72, 1670.00, 1663.00
Additional key levels