- Gold stays stuck in a sideways market in the last month of 2019.
- The level to beat for buyers is the 1480/85 resistance zone.
- The main support is seen at the 1460/50 price zone.
Gold daily chart
XAU/USD has been trading in an unusual tight trading range for the second consecutive day below the 1480 resistance and the 50-day simple moving averages (DMAs).
Gold four-hour chart
XAU/USD is stuck below the 1480/85 resistance zone while trading above its main SMAs on the four-hour chart. The market is advancing very slowly and bulls are likely waiting for a catalyst to break above the 1480/85 resistance zone. If the breakout has follow-through, the next resistances are seen at the 1494 and 1510 level. On the flip side, if bears fade 1480/85, the metal could drop towards the 1460/50 support zone.
Additional key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Forex News
Editors’ Picks
EUR/USD rises above 1.2150 amid upbeat German data
EUR/USD has been rising above 1.2150 after the German ZEW Economic Sentiment gauge beat expectations with 84.4 points. Earlier, concerns about inflation boosted the dollar.
GBP/USD trades off the highs amid risk-off mood, ahead of Bailey
GBP/USD is trading above 1.41 but off the fresh highs. The safe-haven dollar is gaining ground amid fears of inflation. UK PM Johnson's announcement of additional easing of restrictions boosted the pound on Monday. BOE Governor Andrew Bailey is set to speak later on.
200-DMA might cap XAU/USD ahead of US CPI on Wednesday
Gold refreshed multi-month tops on Monday, albeit lacked any strong follow-through buying. A modest USD rebound held bulls from placing fresh bets and kept a lid on any further gains.
SHIB price skyrockets as Binance Lists Dogecoin rival Shiba Inu
“DOGE killer” Shiba Inu coin has reached a new all-time high as it rides on bullish momentum from recent crypto exchange listings. SHIB price has climbed by over 2,260% in the past week, as many investors missed out on the Dogecoin pump.
Nasdaq (NDX QQQ) Technical view, key chart levels, Nasdaq tests trendline support
The Nasdaq is trading nicely from resistance to support. Friday's rally stalled at the convergence of the 9 and 21-day resistance. Monday sees the resistance work well and so the Nasdaq sells off and currently finds support at the lower trendline seen in the chart below.