Daily Analysis XAUUSD - 20 Mar 2023

Fundamental Outlook: On Monday, gold prices were slightly positive, as investors assessed the effects of the Federal Reserve's and other major central banks' emergency liquidity measures in response to mounting concerns over a potential banking crisis.

Technical Analysis: Gold has been on a sharp upward trend, influenced by the banking crisis, with strong bullish candles breaking through key resistance levels. If the current momentum persists and the psychological resistance level of 2000 is surpassed, it could rapidly climb to the 2010 level. The channel's peak aligns with the 2050 level, indicating a possible further rise. In terms of support levels, 2000 and 1980 may provide a cushion for the price on the downside.

Support: 1980 – 1968 – 1954                  Resistance: 2000 – 2010 – 2040