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Gold Price Analysis: XAU/USD sidelined below $1480/oz

  • Gold stays stuck in a sideways market in the last month of 2019. 
  • The level to beat for buyers is the 1480/85 resistance zone.
  • The main support is seen at the 1460/50 price zone.
 

Gold daily chart

 
XAU/USD has been trading in an unusual tight trading range for the second consecutive day below the 1480 resistance and the 50-day simple moving averages (DMAs). 
  

Gold four-hour chart 

 
 
XAU/USD is stuck below the 1480/85 resistance zone while trading above its main SMAs on the four-hour chart. The market is advancing very slowly and bulls are likely waiting for a catalyst to break above the 1480/85 resistance zone. If the breakout has follow-through, the next resistances are seen at the 1494 and 1510 level. On the flip side, if bears fade 1480/85, the metal could drop towards the 1460/50 support zone. 
 

Additional key levels

 

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