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

FXStreet Team FXStreet

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.

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.

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

Author

FXStreet Team

FXStreet

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