Gold Price News and Forecast: Gold prices elevated on trade war and global growth risks


Gold Technical Analysis: XAU/USD enters Asia clinging to three-weeks highs near 1480 level

Gold bounced sharply from the November lows while breaking above the 1465 resistance level. The market is trading below the 50 and 100-day simple moving averages (SMAs).

The metal is testing the 1480 resistance and the 200 SMA. A break above this level can send gold up towards 1493 and 1520 if the buyers gather enough momentum. Support is seen at the 1465 level.

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Gold prices elevated on trade war and global growth risks

The prices of gold were rising to their best levels in around a month overnight following various headlines over the last few days which leaves the US and Chinese 'phase-one' deal on the brink of collapse, critically and potentially failing to prevent the 15th December fresh tariffs kicking in on Chinese imports. Such an eventuality put trade deals at a serious impasse once again.

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XAU/USD

Overview
Today last price 1477.34
Today Daily Change 14.32
Today Daily Change % 0.98
Today daily open 1463.02
 
Trends
Daily SMA20 1465.91
Daily SMA50 1484.7
Daily SMA100 1485.46
Daily SMA200 1402.03
 
Levels
Previous Daily High 1465.04
Previous Daily Low 1454.05
Previous Weekly High 1466.62
Previous Weekly Low 1450.74
Previous Monthly High 1515.38
Previous Monthly Low 1445.8
Daily Fibonacci 38.2% 1458.25
Daily Fibonacci 61.8% 1460.84
Daily Pivot Point S1 1456.37
Daily Pivot Point S2 1449.72
Daily Pivot Point S3 1445.38
Daily Pivot Point R1 1467.36
Daily Pivot Point R2 1471.7
Daily Pivot Point R3 1478.35

 

 

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