Gold Price News and Forecast: XAU/USD is consolidating near three-week highs

FXStreet Team FXStreet

Gold price analysis: XAU/USD hesitates near $1480/oz resistance

Gold daily chart

Gold kicked off December with a bullish reversal to the 1480 resistance. Just above the level the 50 and 100-day simple moving averages (SMAs) are also acting as dynamic resistances.

Gold four-hour chart

The metal is correcting the Tuesday’s gains above the 1472 support near the 200 SMA. Buyers will need to overcome the 1480/85 resistance zone. If the breakout succeeds, then 1492 and 1515 can come into play. However, since XAU/USD has been on the back foot in the last weeks, it remains to be seen if bulls will commit above the resistance zone.

Gold Spot ($) Intraday: choppy

Pivot (invalidation): 1478.00

Our preference
Short positions below 1478.00 with targets at 1471.00 & 1468.00 in extension.

Alternative scenario
Above 1478.00 look for further upside with 1484.00 & 1488.00 as targets.

Comment
As Long as 1478.00 is resistance, expect a return to 1471.00.

XAU/USD

Overview
Today last price	1476.28
Today Daily Change	1.40
Today Daily Change %	0.09
Today daily open	1474.88

Trends
Daily SMA20	1464.71
Daily SMA50	1483.03
Daily SMA100	1486.65
Daily SMA200	1403.51

Levels
Previous Daily High	1484.06
Previous Daily Low	1471.5
Previous Weekly High	1466.62
Previous Weekly Low	1450.74
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1476.3
Daily Fibonacci 61.8%	1479.26
Daily Pivot Point S1	1469.57
Daily Pivot Point S2	1464.26
Daily Pivot Point S3	1457.02
Daily Pivot Point R1	1482.13
Daily Pivot Point R2	1489.37
Daily Pivot Point R3	1494.68

Author

FXStreet Team

FXStreet

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