Gold Price Analysis: XAU/USD easing from multi-year tops, trades sub-$1560/oz

The metal is trading below the 1560/1600 resistance zone.
Support is seen at the 1520 and 1480 levels.

Flavio Tosti Independent Analyst

Gold monthly chart

Gold is trading in a bull trend above its main monthly simple moving averages (SMAs). The metal is trying to breakout above the 1560/1600 price zone. If the buyers overcome this critical resistance zone on a daily basis, the metal might move up towards the 1730 and 1900 resistance levels.

Gold daily chart

The metal is rejecting the 1600 figure and is now trading below the 1560 resistance. A daily close below the 1560 level could entail the beginning of a correction down. Support is seen at the 1520 and 1480 levels.

Additional key levels

XAU/USD

Overview
Today last price	1552.89
Today Daily Change	-7.75
Today Daily Change %	-0.50
Today daily open	1560.64

Trends
Daily SMA20	1507.97
Daily SMA50	1486.06
Daily SMA100	1495.23
Daily SMA200	1428.35

Levels
Previous Daily High	1611.3
Previous Daily Low	1552.55
Previous Weekly High	1553.4
Previous Weekly Low	1510.85
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1574.99
Daily Fibonacci 61.8%	1588.86
Daily Pivot Point S1	1538.36
Daily Pivot Point S2	1516.08
Daily Pivot Point S3	1479.61
Daily Pivot Point R1	1597.11
Daily Pivot Point R2	1633.58
Daily Pivot Point R3	1655.86

Author

Flavio Tosti

Independent Analyst

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