Gold Price Analysis: XAU/USD consolidates gains, trades flat near $1580/oz

XAU/USD is consolidating gains on the first day of the week.
Buyers' targets can be located near the 1590.05 and 1595.00 price levels.

Gold daily chart

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs). Gold is evolving in a bull channel as bulls remain in control.

Gold four-hour chart

XAU/USD is trading above the 1576.75 support and the main SMAs on the four-hour chart suggesting a bullish momentum in the medium term. As buyers are in control the market can try to climb to the 1590.05 and 1595.00 price levels. On the flip side, pullbacks down may find support near the 1576.88, 1571.94 and 1565.36 levels, according to the Technical Confluences Indicator.

Resistance: 1586.75, 1590.05, 1595.00

Support: 1576.88, 1571.94, 1565.36

Additional key levels

Feb 17, 2020

AUD/USD supported by RBA, bullish plateau in commodities and coronavirus risk dissipation

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Japan and eurozone are industrialised regions most exposed to China – ABN AMRO

"The share of exports to China in Japan’s total good exports is close to 20%, and the share of exports to China in Japan’s GDP is around 3%," Billi Di