Gold Price Analysis: XAU/USD bounces and challenges $1615/oz

Gold is consolidating the bull-run stemming from the 2020 lows while trading above the main DMA (daily simple moving average).  |  02/04/2020 15:33
  • XAU/USD consolidates after the massive bull-run seen in the last weeks.
  • XAU/USD regains the 1600 mark after a short-lived dip below it.
 

XAU/USD daily chart

 
Gold is consolidating the bull-run stemming from the 2020 lows while trading above the main DMA (daily simple moving average). 
 

XAU/USD four-hour chart

 
After a short-lived dip below the 1600 mark the bullion is back above the level and the main SMAs on the four-hour chart suggesting bullish momentum in the medium term. If buyers overcome 1615 resistance the market could appreciate further towards 1640 and possibly to the 1670 level while immediate support can emerge near 1600 and 1570 levels. 
 

Additional key levels

 

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