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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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