Gold Price Analysis: XAU/USD sidelined below $1480/oz


  • 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

XAU/USD

Overview
Today last price 1476.25
Today Daily Change -0.19
Today Daily Change % -0.01
Today daily open 1476.44
 
Trends
Daily SMA20 1467.03
Daily SMA50 1479.11
Daily SMA100 1490.25
Daily SMA200 1410.45
 
Levels
Previous Daily High 1479.8
Previous Daily Low 1473.28
Previous Weekly High 1486.58
Previous Weekly Low 1458.82
Previous Monthly High 1515.38
Previous Monthly Low 1445.8
Daily Fibonacci 38.2% 1477.31
Daily Fibonacci 61.8% 1475.77
Daily Pivot Point S1 1473.22
Daily Pivot Point S2 1469.99
Daily Pivot Point S3 1466.7
Daily Pivot Point R1 1479.74
Daily Pivot Point R2 1483.03
Daily Pivot Point R3 1486.26

 

 

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