10.03 - XAU/USD is struggling to build on Tuesday's strong gains

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gold13102020The XAU/USD pair gained nearly 2% and closed at $1,715 before going into a consolidation phase on Wednesday. As of writing, the pair is down 0.2% on a daily basis at $1,712.

On the upside, $1,720 aligns as a key resistance. Unless XAU/USD manages to make a daily close above that level, sellers could start dominating the pair's action. Other hurdles could be seen at $1,740 (static level) and $1,745. The immediate support is located at $1,700 ahead of $1,680 (March 8 low).

 

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