Gold Asia Price Forecast: XAU/USD holds near $1690/oz, bullish

XAU/USD remains sidelined near the 1690/1700 support zone.
The level to beat for buyers is the 1740 resistance.

XAU/USD four-hour chart

XAU/USD is consolidating the bull-run from mid-March as gold trades in the 1690/1700 support zone but below the 50/100SMAs on the four-hour chart while above the 200 SMA. The bullish bias on XAU/USD remains intact with buyers eyeing for a break above the 1740 level on a daily closing basis which may open the gates toward the 1740 and 1780/1800 resistance zone. Conversely, support can emerge near 1660 price level in the medium-term.

Additional key levels

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