Gold Price News and Forecast: The level to beat for bulls is the 1485 resistance
|Gold price analysis: XAU/USD bulls giving up near $1480/0z?
Gold daily chart
Gold started December with a sharp bounce to the 1480 resistance. The market is also battling with the 50 and 100-day simple moving averages (SMAs), which are located just above the resistance.
Gold four-hour chart
The metal is consolidating Tuesday’s gains near the 1480 resistance and the 200 SMA. If buyers overcome the 1485 resistance, XAU/USD could grind up towards 1493 and 1520 if the market gathers enough momentum. Support is seen at the 1472 and 1465 level.
Gold drops within bullish territory, trade war uncertainties and soft USD prevail
The value of an ounce of gold dropped on Wednesday following a Bloomberg report. The report indicated that a trade deal between the US and China was in the making. The news comes despite a series of prior and less promising headlines stemming from US President Donald Trump's 'chess-play' in signing the Hong Kong Human Rights and Democracy Act, legislation supporting protesters in the territory.
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