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


  • Gold is hovering near three weeks highs. 
  • The level to beat for bulls is the 1485 resistance.
 

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.
 

Additional key levels

XAU/USD

Overview
Today last price 1478.62
Today Daily Change 1.42
Today Daily Change % 0.10
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

 

 

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