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27 May 2020
Gold Price Analysis: XAU/USD declines to 2-week lows, challenges $1700/oz
- XAU/USD is erasing the most part of the monthly gains.
- XAU/USD is challenging key levels near the 1690/1700 price zone.
XAU/USD four-hour chart
XAU/USD is losing considerable strength while trading below the main SMAs on the four-hour chart. Gold is slowly reversing its monthly gains while challenging the 1690/1700 price zone. If the market breaks those key levels, gold can see more weakness towards the 1660 level. Resistance can emerge near the 1720 and 1740/50 price zone.
Additional key levels