Gold Price News and Forecast: XAU/USD is consolidating near three-week highs
|Gold price analysis: XAU/USD hesitates near $1480/oz resistance
Gold daily chart
Gold kicked off December with a bullish reversal to the 1480 resistance. Just above the level the 50 and 100-day simple moving averages (SMAs) are also acting as dynamic resistances.
Gold four-hour chart
The metal is correcting the Tuesday’s gains above the 1472 support near the 200 SMA. Buyers will need to overcome the 1480/85 resistance zone. If the breakout succeeds, then 1492 and 1515 can come into play. However, since XAU/USD has been on the back foot in the last weeks, it remains to be seen if bulls will commit above the resistance zone.
Gold Spot ($) Intraday: choppy
Pivot (invalidation): 1478.00
Our preference
Short positions below 1478.00 with targets at 1471.00 & 1468.00 in extension.
Alternative scenario
Above 1478.00 look for further upside with 1484.00 & 1488.00 as targets.
Comment
As Long as 1478.00 is resistance, expect a return to 1471.00.
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