Gold Price: XAUUSD Trades Beyond $1,600 Amid Fresh Limitations

XAUUSD Price Analysis – April 3

Gold trades beyond $1,600 level with modest losses close to three-day high, presently losing 0.07 percent following fresh limitations, before moving for Friday’s European session. The latest threats to the yellow metal are probably due to the aftermath of the coronavirus (COVID-19).

Key Levels
Resistance Levels: $1,703, $1,663, $1,623
Support Levels: $1,573, $1,550, $1,517

XAUUSD Long term Trend: Ranging

As a consequence, a daily closing beyond $1,623 level may drive higher rates to a fresh level near $1,640 forward to $1,675 and $1,690 thresholds as a target. On the downside, if the yellow metal falls beneath $1,611.49 retracement level of 61.8 percent may be mindful of the 13 MA, presently close to $1,590 level.

Furthermore, a convergence of the downward moving average of 5 and 13 may cause a retracement near the level of $1,550/37 which may then probe the bears.

XAUUSD Short term Trend: Ranging

On the 4-hour time frame, an upward trend line from March 19, with peaks currently around $1,600 level, seems to reinforce the near-term advances made by the metal. But, buyers may wait for entry before price levels bounce off a horizontal short-term support line close to $1,611 level.

The yellow metal may probably stay under the pressure of approximately $1,611.49 level from the limiting horizontal level and depreciate in the immediate future against the US dollar, but if the level persists, the price for gold may stabilize in the short term.

Instrument: XAUUSD
Order: Sell
Entry price: $1,611.49
Stop: $1,623.55
Target: $1,600

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