Gold Price News and Forecast: The level to beat for bulls is the 1485 resistance

FXStreet Team FXStreet

Gold price analysis: XAU/USD bulls giving up near $1480/0z?

Gold daily chart

Gold started December with a sharp bounce to the 1480 resistance. The market is also battling with the 50 and 100-day simple moving averages (SMAs), which are located just above the resistance.

Gold four-hour chart

The metal is consolidating Tuesday’s gains near the 1480 resistance and the 200 SMA. If buyers overcome the 1485 resistance, XAU/USD could grind up towards 1493 and 1520 if the market gathers enough momentum. Support is seen at the 1472 and 1465 level.

Gold drops within bullish territory, trade war uncertainties and soft USD prevail

The value of an ounce of gold dropped on Wednesday following a Bloomberg report. The report indicated that a trade deal between the US and China was in the making. The news comes despite a series of prior and less promising headlines stemming from US President Donald Trump's 'chess-play' in signing the Hong Kong Human Rights and Democracy Act, legislation supporting protesters in the territory.

XAU/USD

Overview
Today last price	1474.04
Today Daily Change	-3.16
Today Daily Change %	-0.21
Today daily open	1477.2

Trends
Daily SMA20	1465.53
Daily SMA50	1483.61
Daily SMA100	1486.17
Daily SMA200	1402.78

Levels
Previous Daily High	1481.7
Previous Daily Low	1459.92
Previous Weekly High	1466.62
Previous Weekly Low	1450.74
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1473.38
Daily Fibonacci 61.8%	1468.24
Daily Pivot Point S1	1464.18
Daily Pivot Point S2	1451.16
Daily Pivot Point S3	1442.4
Daily Pivot Point R1	1485.96
Daily Pivot Point R2	1494.72
Daily Pivot Point R3	1507.74

Author

FXStreet Team

FXStreet

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