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Gold Price Analysis: XAU/USD easing from multi-year tops, trades sub-$1560/oz

  • The metal is trading below the 1560/1600 resistance zone. 
  • Support is seen at the 1520 and 1480 levels. 
 

Gold monthly chart

 
Gold is trading in a bull trend above its main monthly simple moving averages (SMAs). The metal is trying to breakout above the 1560/1600 price zone. If the buyers overcome this critical resistance zone on a daily basis, the metal might move up towards the 1730 and 1900 resistance levels. 
 

Gold daily chart

 
The metal is rejecting the 1600 figure and is now trading below the 1560 resistance. A daily close below the 1560 level could entail the beginning of a correction down. Support is seen at the 1520 and 1480 levels. 
 

Additional key levels

XAU/USD

Overview
Today last price 1552.89
Today Daily Change -7.75
Today Daily Change % -0.50
Today daily open 1560.64
 
Trends
Daily SMA20 1507.97
Daily SMA50 1486.06
Daily SMA100 1495.23
Daily SMA200 1428.35
 
Levels
Previous Daily High 1611.3
Previous Daily Low 1552.55
Previous Weekly High 1553.4
Previous Weekly Low 1510.85
Previous Monthly High 1525.1
Previous Monthly Low 1454.05
Daily Fibonacci 38.2% 1574.99
Daily Fibonacci 61.8% 1588.86
Daily Pivot Point S1 1538.36
Daily Pivot Point S2 1516.08
Daily Pivot Point S3 1479.61
Daily Pivot Point R1 1597.11
Daily Pivot Point R2 1633.58
Daily Pivot Point R3 1655.86

 

 

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