Gold erases daily gains, eyes $1480

XAU/USD unable to rise above $1490 turns to the downside.
Bearish bias supported by higher US yields and a recovery of the Greenback.

Matías Salord FXStreet

Gold failed to hold to gains and pulled back, approaching again the $1480 area. Earlier today the ounce rose to $1488 and as of writing trades at $1483, flat for the day but now with a bearish intraday bias.

The recovery from $1480 was capped below $1490. XAU/USD so far holds above the key short-term support seen at $1480. A consolidation below would point to further losses. The chart still favors the downside. A clear recovery above $1500 could remove the bearish bias, targeting levels near $1520 (intermediate resistance at $1510).

The negative bias remains supported today by a correction of the US Dollar across the board and also on the back of higher US yields. The 10-year is again moving to the 1.80% level.

“Gold, silver and platinum had a relatively poor week, with the complex dropping on average, as the market mused about the possibility that additional Fed rate cuts may not be coming anytime soon, after the October reduction. Improving equity valuations and decent US data also played a role in depressing precious metals, with technicals pointing to downside in the near term”, explained analysts at TD Securities.

Levels to watch

XAU/USD

Overview
Today last price	1483.72
Today Daily Change	-0.75
Today Daily Change %	-0.05
Today daily open	1484.47

Trends
Daily SMA20	1495.88
Daily SMA50	1506.34
Daily SMA100	1456.22
Daily SMA200	1376.58

Levels
Previous Daily High	1495.25
Previous Daily Low	1481.91
Previous Weekly High	1497.95
Previous Weekly Low	1477.15
Previous Monthly High	1557.03
Previous Monthly Low	1464.61
Daily Fibonacci 38.2%	1487.01
Daily Fibonacci 61.8%	1490.15
Daily Pivot Point S1	1479.17
Daily Pivot Point S2	1473.87
Daily Pivot Point S3	1465.83
Daily Pivot Point R1	1492.51
Daily Pivot Point R2	1500.55
Daily Pivot Point R3	1505.85

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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