Gold Technical Analysis: XAU/USD rolling into Asia below $1465/oz
Gold is starting the last month of 2019, questioning the 1465 resistance level while trading below the 50/100-day simple moving averages (SMAs). However, the market would likely become strongly bearish below 1445 swing low on a daily closing basis as it could entail a dive to the 1400 figure near the 200-day SMA.
The metal is putting the 50 and 100 SMAs under pressure as the market is trying to break above the 1465 resistance. If the buyers are successful, it can lead to the market to the 1480 level in the medium term.
Gold prices look for clear direction around $1,463, trade pessimism prevails
Following a downbeat start to December, Gold prices await further clues near $1,463 amid Tuesday’s Asian session. That said, the mixed plays of trade war risk, doubts over the Fed’s action and a pullback in the US Dollar Index (DXY) seem to trouble the market watchers by the press time.
The United States (US) announced multiple trade-restrictive policies/statements that not only unearthed the fears of US-China trade war but also ignited concerns surrounding the US trade relations with the European Union (EU) and South America. Further, China’s sanctions against the US non-government organizations, for their role in Hong Kong protests, add to the investors’ worries.
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