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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

 

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