15 Apr 2020
Gold Asia Price Forecast: XAU/USD consolidates gains above $1700/oz.
- XAU/USD bulls remain in control, trading near $1723/oz ahead of Asia.
- The level to beat for buyers is the 1740 resistance.
XAU/USD daily chart
After breaking to fresh 2020 highs, this Wednesday XAU/USD had a modest consolidation day while trading above the main DMAs (daily simple moving averages) suggesting that bulls remain in full control of this market.
XAU/USD four-hour chart
XAU/USD is trading above the main SMAs, making higher highs and lows while holding above the 1690/1700 support zone as buyers are eyeing the 1740 and 1780/1800 levels to the upside. On the flip side, support can be seen near the 1690/1700 price zone and the 1660 level on any retracement down.
Additional key levels