Gold technical analysis: $1,475 continues to cap upside
|- Gold is struggling to beat the newfound resistance at $1,475.
- The daily chart shows the recent bounce has run out of steam.
Gold is again having a tough time scaling $1,475 in a convincing manner.
The yellow metal is currently trading at $1,473 per Oz, having hit a high of $1,475.25 an hour ago. Notably, $1,475 capped upside on Monday, Tuesday and also on Nov. 14.
As a result, it is the level to beat for the bulls. A convincing break higher will likely yield a quick move to $1,480-$1,482.
However, the two-way business or indecision signaled by Tuesday's candle indicates the bounce from the Nov. 12 low of $1,445 has run out of steam and a pullback, possibly to $1,464, could be in the offing.
Daily chart
Trend: Bearish
Technical levels
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