Gold Price News and Forecast: Gold trapped in a sideways channel

FXStreet Team FXStreet

Gold Technical Analysis: Trapped in a sideways channel

Gold is trading in a sideways manner around $1,461 per Oz in Asia. The yellow metal is trapped in a sideways channel, represented by trendlines connecting Nov. 12 and Nov. 26 lows and Nov. 20 and Dec. 4 highs.

A channel breakdown, if confirmed, would imply a resumption of the sell-off from highs above $1,500 and open the doors for the 200-day average at $1,406. At press time, the lower edge the channel is seen at $1,454.

Gold: Struggles to justify Monday’s inverted hammer, eyes on trade news, China inflation

Gold prices extend Monday’s recovery to $1,461 by the press time of early Asian session on Tuesday. Even so, the Bullion fails to justify the candlestick formation signaling reversal of the previous heavy fall.

The precious metal’s recent upticks could be attributed to the mixed headlines concerning the trade relations of the United States (US) and China, not to forget the tri-party trade deal between the US, Canada and Mexico. While the US diplomats, including President Donald Trump, have been upbeat about the progress made on trade talks in both the instances, responses from the other side have been varied.

XAU/USD

Overview
Today last price	1461
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	1461

Trends
Daily SMA20	1465.51
Daily SMA50	1481.5
Daily SMA100	1487.66
Daily SMA200	1405.88

Levels
Previous Daily High	1465.4
Previous Daily Low	1458.82
Previous Weekly High	1484.06
Previous Weekly Low	1454.05
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1462.88
Daily Fibonacci 61.8%	1461.33
Daily Pivot Point S1	1458.08
Daily Pivot Point S2	1455.15
Daily Pivot Point S3	1451.49
Daily Pivot Point R1	1464.66
Daily Pivot Point R2	1468.32
Daily Pivot Point R3	1471.25

Author

FXStreet Team

FXStreet

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